$5 CAPPED BUST TO LEFT HALF EAGLE GOLD 1812 PCGS MS63.
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Winning Bid:
$22,264.00
(Includes 15% Buyer's Premium)
Bidding Ended:
Tuesday, March 15, 2016 10:00:00 PM (20 Minute Clock Begins At Tuesday, March 15, 2016 10:00:00 PM)
Item Description
The 1812 $5 Gold Capped Bust Half Eagle are of great interest today to collectors primarily as the final year of this coinage type, however this date holds a far greater significance than this. During this period in history, the United States was in the middle of attempts to reduce the ever growing national debt caused by George Washington and his Federalists Party, mainly from bolstering the nation's Army and Navy and fortifying cities along the Atlantic Coast in the wake of the War for Independence. President Madison actually believed that a stronger military and another war with Great Britain could bolster the economy, as opposed to the administrations of his predecessors and their treaties favoring trade with France and cutting military spending. The British, who were more savvy in warfare and diplomacy, saw their opportunity when they realized that the American Military was undermanned due to these budget cuts and its cities were open to invasion. War was eventually declared on Britain by the Democratic-Republican Congress in the spring of 1812 and shortly thereafter, Washington City (as the capital was called at that time) was invaded and the Redcoats went on to burn and nearly destroy the White House. Some foresaw the oncoming disaster and took safeguards for their own welfare. Walter Breen pointed out in his Complete Encyclopedia, a number of Mint State 1812 Half Eagles exist "apparently from an old hoard". A scattering of the largest and newest American gold coins being minted at the time assuredly went into "hiding", thus accounting for tiny supply of Mint State pieces bearing that date. The 1812 is the final year of the John Reich Capped Bust Left design and is the scarcer of the two die pairings used that year. The 1812 Half Eagle survives in approximately the same numbers as all the other dates in the 1807-1812 period (though there are specific major die varieties that might be individually more rare). In terms of the PCGS Population Report, the 1812 is slightly scarcer than the combined 1810 varieties, the combined 1811 varieties, and the 1807 Capped Bust. Where the 1812 shines is on the high end of the condition scale, and this MS63 example is no exception. All 1812 Half Eagles have a small 5 in the denomination and most 1812 Half Eagles exhibit a strong strike, usually with all of the obverse stars defined nicely. If there is any weakness, it is sometimes on the ribbon on the reverse, where the RI of PLURIBUS might be indistinct. For type purposes, the 1812 Half Eagle is a great choice. One of the finest coins ever offered at Hakes Americana and a fine addition to any serious numismatic collection.
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