The only PCGS MS62 to have ever sold at auction.
1630Boston
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This is not my coin
By Doug Winter – RareGoldCoins.com …… CoinWeek Content Partner
In a recent (April 2020) Heritage Auction, I purchased a very interesting 1840-O Narrow Mill half eagle graded MS62 by PCGS. This coin, which I bought for $19,200 USD, lends itself to a number of discussions.
First, let’s look at this issue as a date. The 1840-O is the very first half eagle struck at the New Orleans Mint. New Orleans rolled out the first three gold denominations they produced over a three-year period with the first quarter eagle in 1839, the first half eagle in 1840, and the first eagle in 1841. Of these three coins, their rarity ranking, both in terms of overall and high grade, is the eagle (which is rare), followed by the half eagle, and with the quarter eagle (which is common) bringing up the rear.
The 1840-O half eagle is much more available in circulated grades than its first-year counterparts from Charlotte and Dahlonega. But the 1840-O half eagle is a strangely underappreciated issue that is fairly difficult to locate in About Uncirculated; especially in AU55 and AU58 with natural color and choice surfaces. In Uncirculated, the 1840-O is very rare with an estimated eight to 10. Many are in the MS60 to MS61 range and were likely not viewed as Uncirculated coins as recently as a few years back. I am aware of two coins that grade MS62 (both PCGS), two that grade MS63 (one each at NGC and PCGS), and an NGC MS65 that was graded over 25 years ago but which seems to have never sold publicly.
The coin that I just purchased is the first Uncirculated 1840-O half eagle to sell at auction since the 2016 ANA sale (where a PCGS MS61 was offered), and it is the only PCGS MS62 to have ever sold at auction.
Now, let’s look at its sales history, which is as follows:
April 2020, brought $19,200 as Heritage 4/20: 3795
October 2012, brought $22,325 as Heritage 10/12: 5861
May 2005, brought $25,300 as Heritage 5/05: 8607
October 1999, brought $14,950 as Bowers and Merena 10/99: 892 (Bass)
October 1982, brought $3,080 as Bowers and Ruddy 10/82: 415 (Eliasberg)
more here at coinweek.com https://coinweek.com/us-coins/an-interesting-1840-o-half-eagle-gold-coin/
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko
Bad transactions with : nobody to date
Comments
That's a pleasing example.
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That is a very nice gold coin....and an interesting sales history. Cheers, RickO
Bravo . . . . . a superb post and much history here . . .
Drunner
The seller per Doug Winter did everything possible to hurt himself at the auction and Doug thinks the coin sold on the cheap. The seller had a high reserve and DW feels like the coin was never sent to CAC. And the auction was in the middle of a pandemic.
It’s a terrific looking coin with great color.
Nice I like. That's easy on the eye
Wow nice pickup congrats. Certainly wouldn’t look out of place in a 63 slab IMO. And given the previous ‘12 and ‘05 sales....you may be in a nice position with it for the future.
Great write-up!
I think that I can safely say that THIS one is a beautiful gold coin and very rare based on your discussion.
Well deserved CONGRATULATIONS!!
Sometimes, it’s better to be LUCKY than good. 🍀 🍺👍
My Full Walker Registry Set (1916-1947):
https://www.ngccoin.com/registry/competitive-sets/16292/
For the record : this is not my coin, this was an article I came across and thought others here would enjoy it
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko
Bad transactions with : nobody to date
It looks better than a 62
Nice coin and the color looks great. In my limited dealings with DWN I have found his photos to be accurate.
It has the pleasing "look" of a 64 coin with apparently original surfaces. It's just a matter how much (if any) that luster is broken up in the fields. Heck of an early O mint gold coin for "only" a 62 grade.
Full field and cheek luster has never been a technical requirement for pre-Civil War coinage - you see exceptions all the time, even up into MS65/66 grades! I see obverse field luster blown wide open on 63 to 65 seated coins all the time (not that I agree....just pointing that fact out). This one doesn't jump out to me as just a 62.
Ahhhhh, missed that ‘not my coin’ part........ 😆
I like it
What a great example of early branch mint gold. If you swim in that price range pool its a great value too.
Looks like a MS64+ with a Gold CAC sticker as per today's standards
Seriously really nice for a MS62!
Really appealing coin. Luster is better in protected areas, which probably accounts for the assigned grade. It would be fun to see it in hand. It's probably one of these technically AU coins with eye appeal that deserves to be priced in the BU realm.
Some AU coins are prettier than most low-grade BU coins.
Based on the photo I don't see any rub... Maybe some wispy hairlines held it back then?
Honestly if you could do a full matched MS62 set like that who needs Gem!
I'm going to say something quite controversial and it will probably ruffle some feathers.
Grades aren't everything.
Always go for eye appeal. This coin has it in spades..... so nice. Still, there's some reason it isn't in a 65 holder.
But, like you said, who cares. It's nearly a finest-known coin and if you gave it to me I'd keep it.
Just chasing numbers and stickers in the hobby without being able to form your own opinion.... Is like needing someone to order a meal for you after they tucked you in a booster seat with a bib.
Link ?
https://raregoldcoins.com/blog/2020/5/7/an-interesting-1840-o-half-eagle
Just subtly notes the Bass and Eliasberg provenance!
Thanks! I do have some question about the coin qualifying as an error though as it relates only to the edge reeding being incomplete. I understand the collar slippage but that would seem to be more analogous to a surface being poorly struck than an “error” that slipped out unnoticed .
Those who deal with error coins would obviously have a more qualified opinion that I would welcome hearing.
Curious if PCGS identified the subject coin as an “ error” on the holder!
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Hmmmmm. I didn't register the part about the error the first time I perused Doug's description. On a coin like this, I'm not sure being regarded as an error is any great virtue. A little thing like this on the reeding or a bit of die rotation is no big deal, but anything more evident wouldn't might be seen as a net negative. People like really high end coins and they like errors, but they seldom like both in the same coin.
Excellent observation. For quite a long time I owned an 1808 Quarter Eagle ( the one year type) which had a double die strike. The “error” added interest but likely not added value.
Beautiful coin, I would gladly show it off if it were in my collection. Congrats!