1797 $5 BD-3, Small Eagle, 16 Stars MS(PCGS#519865)

The August 2013 Chicago ANA World's Fair of Money

Auctioneer

Stack's Bowers

Lot Number

4472

Grade

MS61

Price

411,250

Lot Description

Landmark Mint State 1797 Half Eagle 16 Obverse Stars The Finest Graded 1797 Capped Bust Right Half Eagle. Small Eagle. BD-3. Rarity-6. 16 Stars. MS-61 (PCGS). This magnificent example is the finest graded by either service and the lone Mint State coin seen by PCGS. As rare as it is, perhaps it is even more significant that we have the pleasure of more than one of this date in the present sale. Many great sales, even those with extensive gold offerings are missing this date completely. To have an example of the second rarest variety of the date, and this finest-graded of the 16-star variety both in our sale is truly exciting and an amazing opportunity for the specialist. The present coin was once part of the R.L. Miles Collection, sold by us in 1968, a sale name remembered by many for the extraordinary offering of federal gold which was respectably near completion from gold dollars to Saint Gaudens double eagles. The fields exhibit generous reflectivity on both sides, particularly in the most protected regions of the design. The satiny and lustrous devices are well defined for the issue, with typical softness evident at the centers. This said, nearly all of the breast feathers of the eagle are visible. A few scattered surface marks are seen, commensurate with the grade, and proved helpful in identifying this as the Miles coin. However, the eye appeal is excellent for the grade. The surfaces are warm yellow gold with just the faintest trace of deeper gold toning toward the rims. No adjustment marks are seen, and the dentils are sharply defined around each side, the marker of a well made coin. Scattered planchet flakes are seen on both sides, a mint-made condition frequently seen on early gold coins, not to be confused with handling marks. The die state seen here is between reverse State b, and State c, as described by John Dannreuther, and later than that seen on the Bass Core Collection coin. Bass owned two examples of this coin. The other coin, sold in our October 1999 Sale, was a later state than the present coin. It is estimated that just 20-25 coins of this die marriage exist today and appearances at auction are very few. This coin last sold publicly more than six years ago for $299,000, a strong price at the time, but one paid for a truly landmark coin. It is difficult to imagine anything less than complete satisfaction coming from ownership of this piece, as it has everything going for it. A great pedigree, great aesthetics, finest graded status and a rare date. PCGS# 8068. Provenance: From the 1797 Collection. Earlier from our (Stack's) sale of the R.L. Miles Collection, October 1968, lot 326; Unknown Intermediaries; RARCOA's Chicago Sale, August 1991, lot 971; Dr. Donald F. Knaack; Unknown Intermediaries; Goldbergs' Sale of May 2006, lot 3787; Dr. Donald F. Knaack @ $299,000; private treaty to present consignor.