1834 $5 Classic Head, HM-1 MS(PCGS#765188)

The Summer 2022 Global Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

5027

Grade

AU58

Price

4,560

Lot Description

Near-Mint 1834 HM-1 Classic Head $5 1834 Classic Head Half Eagle. HM-1. Rarity-3. Plain 4. AU-58 (PCGS). CAC. Die Variety: HM-1. Obverse 1: Plain 4 in the date with a tall upper serif on the 1 and block 8. In the word LIBERTY, the letter I is above the adjacent L and B at its base. Star 13 is closer to Liberty's hair than to the denticles. Reverse A: A tongue in the eagle's mouth and lack of a berry in the branch are enough to distinguish this die from the other reverses used for the 1834 Classic Head half eagle issue. The HM-1 pairing represents the only use of Obverse 1. Reverse A was a workhorse die, however, that struck a total of seven varieties in 11 pairings (including remarriages) among Classic Head half eagles dated 1834, 1835 and 1836. Die Emission Sequence: The 1834 HM-1 is the earliest half eagle variety to feature Classic Head Reverse A, all of the coins it struck included in the reported mintage for calendar year 1834. Die State: The obverse die developed interesting scalloped peripheral cracks early on, which are seen on the present example looping along the border from between stars 3 and 4 to between stars 6 and 7. Stars 4 through 6 are engaged by these cracks. The reverse is also in an intermediate state with a faint crack at the base of the letter M in AMERICA and evidence of repolishing that has attenuated the repunching or defect at the base of the letter D in UNITED. Estimated Surviving Population for the Variety: 270 coins in all grades (per Daryl J. Haynor, 2020), or 10% of extant 1834 Classic Head half eagles. Strike: A touch of friction from light commercial use hardly interferes with the exacting strike of this well produced example. Indeed, all design elements exhibit razor sharp to full detail with just a trace of rub to the high points helping to explain the AU-58 grade from PCGS. Surfaces: Bright medium gold color with faint undertones of honey-olive. The original mint finish is virtually complete and decidedly semi-prooflike with appreciable reflectivity in the fields. Wispy handling marks from commercial use are commensurate with the assigned grade, although accuracy does compel us to mention a shallow scuff in the obverse field behind Liberty's head. Commentary: One of the two die marriages of the issue used to strike Proofs, the 1834 HM-1 is also eagerly sought by collectors of circulation strike Classic Head half eagles. The early break up of the obverse explains the scarcity of examples, although this variety is not a major rarity by the standards of this series and is available with patience in most grades. It is a popular option for first year type purposes, and the Virginian Collection specimen offered here is a beautiful near-Mint survivor that is sure to please. Provenance: From the Daryl J. Haynor Virginian Collection. The plate coin for the 1834 HM-1 variety in the 2020 Haynor reference on Classic Gold coinage. PCGS Population (HM-1 attribution only): 3 in all grades (MS-64 finest). PCGS# 765188. NGC ID: 25RR. Click here for certification details from PCGS. Image with the PCGS TrueView logo is obtained from and is subject to a license agreement with Collectors Universe, Inc. and its divisions PCGS and PSA.