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FROM THE NAPLES COLLECTION OF EARLY GOLD PART I
Ex Eliasberg, as noted on the insert.
We love this coin! What is not to love? First it is one of the FINEST KNOWN examples of this rare early overdate, that boasts an important pedigree that goes back well over a century, and was part of the most famous of all U.S. coin collections, Louis E. Eliasberg!
All 1796 half eagles were struck from this single die pair the BD-1. Mint records show a total of 6,196 half eagles were struck in 1796, but the early records count the number of coins struck, and in the early days, the expense of preparing new dies was such that earlier dated dies continued to be used. Thus, it is thought that most of the reported 1796 mintage was actually coins struck from 1795 dated dies. Dave Bowers surmised that a left over 1795 die that had not been used was overdated and pressed into service. Today, perhaps 80-100 are thought to survive of this earliest gold coin overdate.
This is a gorgeous and totally original, high end and CHOICE example! A fantastic original luster blooms vividly with a sensational, semi-reflective, nearly Prooflike texture. Rich tangerine-golden patina is brought out by the wealth of original mint brilliance. Sharply struck devices show essentially full definition on both sides, including the eagle’s breast feathers and Liberty’s hair curls. Nary a mark worthy of mention can be found with the naked eye. A strong glass might reveal a tiny tick or two, most of which are lint marks from wiping the dies prior to striking, perhaps accounting for the semi-Prooflike reflection of the fields. The color is gorgeous and imparts an amazing visual allure.
These early fives, always in demand from collectors, especially in high grade, evoke visions of the founding fathers, and are a tangible connection to the genius of Thomas Jefferson, Alexander Hamilton, Robert Morris, and other early government officials in the Confederation and early Federal periods that helped form the miracle that is the American economic system.
Ex. Elmer S. Sears, by private sale, to John H. Clapp in 1909; Clapp Estate to Louis E. Eliasberg, Sr, en bloc via Stack’s in 1942; U.S. Gold Coin Collection (Louis E. Eliasberg Estate), Bowers & Ruddy, October 1982, lot 327; Heritage, October 2011, lot 4856 (as NGC MS62 CAC); Selections from the McCoy Family Collection, Heritage, April 2018, lot 4336; our consignor.
PCGS 2, NGC 5, CAC 2. We think this coin represents both CAC approved examples. This coin realized $207,000 a decade ago as an NGC MS62 CAC and in a somewhat weaker market, in April 2018, it brought $180,000 as a PCGS MS62 CAC. The current CAC CPG value is listed at $204,500 and the Collectors Universe value is $215,000. Just two are graded finer at PCGS, the Pogue coin in MS62+ and an MS63 that has never sold in auction. This is a magnificent early five dollar gold piece that has one of the greatest pedigree and the quality is very high end for the grade and issue! The opportunity to acquire a high grade example is often fleeting, do not let this one pass you by!
Cert. Number 32231481
PCGS # 8067
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