Capped Head $5 Gold Coins Dominate ANA Auctions

Both Heritage and Stack’s Bowers Galleries conducted auctions that were associated with the American Numismatic Association Convention in August. Though only a small percentage of the coins in their respective auctions were actually sold at the convention, all of the coins were brought to the show venue in Pittsburgh for public viewing. In regard to U.S. coins, the most interesting and historically noteworthy aspect of these auctions by both firms was the stellar offering of Capped Head half eagles ($5 gold coins).

Among series of U.S. coins that lasted more than two years, the most difficult to complete even 80% of are the Capped Head half eagles of 1813–34. From 1990 to 2020, not many collectors paid attention to them. The Pogue family did so and completed a set that was quite possibly the greatest of all time. Harry Bass’s set of Capped Head half eagles was incredible, too.

The great boom in rare date U.S. gold that began in January 2021 changed markets for U.S. coins. Ever since, there has been much interest in Bust Right (1795–1807), Bust Left (1807–12), and Capped Head (1813–34) half eagles. Indeed, I have been following Capped Head half eagles for more than twenty-five years, and I am astonished by the intense demand for them over the past two years.

1815 Capped Head Left Half Eagle PCGS graded MS64 from the Garrett Family Collection Stack's Bowers, Sold $720,000 (Image courtesy of Stack's Bowers)

As part of the Bass Collection Part IV session on August 10, a Gem Proof 1829 Small Date (also known as Small Letters or Type 2) half eagle was auctioned by Heritage for $3.84 million, a price realized that would have been considered far-fetched or even impossible before the pandemic. For the rest of the dates mentioned here, there are no Proofs that I have seen. I am now focusing on a few business strikes. A discussion of any Proof Capped Head half eagles would be complicated and beside the point that the combined total of surviving business strikes and Proofs for the whole (1813–34) series is small.

Except for the 1813, all Capped Head half eagles are rare and many are extremely rare. The 1815 is a Great Rarity that was extremely famous in the last part of the nineteenth century and in the early part of the twentieth century. On August 16, Stack’s Bowers auctioned the PCGS graded MS64 1815 for $720,000. It was earlier in the Garrett Family collection, one of the all-time best collections of coins and other numismatic items.

The Pogue Family 1815 was PCGS graded MS65 and was auctioned by Stack’s Bowers, in association with Sotheby’s, for $822,500 on February 9, 2016. Although the Pogue Family Collection 1815 would probably have realized more than $1 million if it had been auctioned in August 2023, the Garrett 1815 half eagle is a more desirable coin, in my opinion. Yes, the reverse of the Pogue 1815 is more impressive than the reverse of the Garrett 1815, and scores higher in the category of originality. With careful study under magnification, it is evident that there are more serious imperfections in the jaw, mouth and cheek area on the Pogue 1815 than are apparent during a minute of viewing. While the Garrett 1815 exhibits some light friction and has been mildly dipped, it is a higher quality coin overall than the Pogue 1815. In my opinion, the Garrett coin is the finest of the five collector or family-owned 1815 half eagles that I have examined.

In the context of current market levels for rare gold coins, the $720,000 paid for the Garrett 1815 was a great value. Although I have no idea as to his identity, I wish to congratulate the new owner. If knowledgeable U.S. coin collectors early in the twentieth century had a crystal ball that reflected future events, they would have figured the Garrett 1815 half eagle to be the most important coin sold in August 2023 and they would have been surprised that there was not much conversation about it.

Now, many collectors do not know or do not remember that the 1815 half eagle is much rarer than the 1818 or the 1820, which are the least rare of the post-1813 dates in the series. The PCGS graded MS63+ 1818 “STATESOF” variety in the Bass Collection has a CAC sticker, and is an appealing coin overall. For this variety, there is not normal space between the last ‘S’ in STATES and the ‘O’ in the word OF in the reverse die. In May 2023, Greysheet-CAC Bid for a MS63 grade 1818 of this variety was increased from $66,000 to $82,500, quite a leap. On August 10, this Bass Collection 1818 realized $90,000, a strong price.

The 1819 normal dies half eagle and the 1819 5D/50 overdenomination have been collected as if they are two distinct dates of the same year. While there is some small device, probably remnants of a zero, under the ‘D’ for dollars in 5 D. on the reverse, this is a minor anomaly in my opinion. Curiously, though, 1819 normal dies half eagles are rarer than the 1819 overdenomination coins, two of which were auctioned in August.

On August 10, at the ANA Convention, Heritage auctioned the Bass Collection, PCGS graded MS65 1819 overdenomination, without a CAC sticker, for $360,000. On August 16, Stack’s Bowers sold a CAC approved, PCGS graded MS64 1819 overdenomination for $384,000.

In my view, both these 1819 half eagles grade somewhere in the middle of the MS64 range, but there is no easy way to grade early gold coins. Moderate contact marks, small gashes, hairlines, lines from wire brushes, scrapes from mishandling, past dippings or cleanings, and mint-caused imperfections must be taken into consideration. Both results were fair collector prices, and it is educational to consider a PCGS graded MS64 coin that realized more than a PCGS graded MS65 coin that was struck from the same pair of dies.

Collectors who cannot afford Capped Head half eagles may learn something about grading and markets from analyses of them. Since May 2021, Greysheet-CAC Bid (a top-wholesale level) for a MS65 1823 has fluctuated between $264,000 and $300,000. In my view, it would have been fair for it to have been $285,000 all along, with a medium retail estimate of $330,000.

The Henry Miller Collection 1823 was NGC graded MS65, in an old holder and CAC approved when Heritage auctioned it for $299,000 in January 2011 in a FUN auction. In January 2023, the Henry Miller 1823 reappeared in a PCGS holder, and realized $336,000. I maintain that the $299,000 result in 2011 was extremely strong, and the price realized in 2023 was a fair collector price. Prices for rare date gold trended downward from 2016 to 2018 and, of course, later increased markedly.

The Harry Bass 1823 was PCGS graded MS66+ and CAC approved. It realized $384,000 on August 10, only 14% more than the PCGS graded MS65 Henry Miller 1823 brought in January 2023. The PCGS price guide value for a MS66+ grade 1823 is $550,000, which is too high. Usually, however, a CAC approved MS66 grade post-1820 Capped Head half eagle has a medium retail value of at least $480,000.

The $384,000 result for the Bass 1823 and the $336,000 result for the Miller 1823 are consistent with my view that the Miller 1823 is slightly undergraded and the grade of the Bass 1823 is not in the upper half of the 66 range. In regard to expensive and rare coins, it does not make sense to focus on certified grades without also thinking about the physical characteristics of the individual coins.

It is also true that in any one major auction, some coins will bring wholesale prices while others bring retail prices and many coins are likely to realize prices around corresponding wholesale/retail borders. The uncertainty and surprises regarding prices realized make auctions enjoyable and contribute to the excitement of the hobby.

Images courtesy of Heritage Auctions, HA.com & Stack's Bowers Galleries, Stacksbowers.com.