1796/5 $5 MS(PCGS#8067)

September 2008 Pre-Long Beach Auction #48

Auctioneer

Goldberg Auctioneers

Lot Number

1248

Grade

MS-61

Price

112,125

Lot Description

In NGC holder 1561932-004. Boldly struck on a well prepared planchet with untoned reflective surfaces. We note some very minor planchet roughness on the reverse between ER and the denticles. This is mentioned for identification purposes and does not detract from its appearance. Although 6,196 were reported minted, further study by Bass-Dannreuther estimates only 1,057-2,000 were actually made.<BR><BR>The desirable first overdated half eagle issue with a Small Eagle reverse. Sharply struck excluding on the eagle's neck and body where the traditional soft image occurs; Liberty's hair and the cap are exceptionally well defined on this often poorly struck example. The nice golden surfaces are very presentable and merit your consideration because they are so free from the usual friction from circulation; there is even a trace of semi-reflective quality. Very high quality for this desirable, early gold type. Rarely offered in Mint condition<BR><BR>The reverse die which struck 1796/5 BD-1 was earlier used in 1795 for BD-12, and the wreath appears to have been shallowly punched into the die, attenuated leaves resulting from even a light lapping. It appears the dies clashed and were reground at some point after its 1795 use. According to Dannreuther, concerning the mintage: "although the mintage figures reported for the year 1796 undoubtedly contained coins dated 1795, there may be as many as 100 extant for this year. Many auction sales are repeat appearances, as the popularity of this single date/variety makes it a frequent trader." A marvelous opportunity for the rare gold specialist! Pop 2; 11 finer(PCGS # 8067) </B>. <BR>Estimated Value $100,000 - 110,000.