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1805 $5 Draped Bust Half Eagle NGC MS62 (Amazing Prooflike surfaces!)

IN STOCK
SKU
6606435010

Not only is this a great rarity, but it also stunning beyond belief. Please take a close look at the photos of this dramatic offering from AUCM, with its PL surfaces—which are simply to die for. NGC has graded 41 as MS62 with 42 finer. The Bass-Dannreuther reference suggests that only 100-150 of the 1805 Draped Bust half eagles exist today. Collectors Universe prices this issue at $27,500.00 in MS62.

Why the 1805 $5 Draped Bust Half Eagle is so rare

Due to an error in the silver to gold ratio of 15:1, gold coins were undervalued from 1794 to 1834 and consequently became de facto bullion, resulting in gold coins vanishing from America. A House congressional committee report from 1819 states, "Gold is estimated below its fair relative value, in comparison with silver and ... can scarcely be considered as having formed a material part of our money circulation for the last twenty-six years [since 1793].”

 

The First Bank of the United States, where many of the surviving high end coins were stored, as well as in the Second Bank of the U.S. Photo: Wikimedia Commons.

Just two years later, in 1821, another House committee reported: "On inquiry, they find that gold coins, both foreign and of the United States, have in great measure disappeared." A Senate select committee of 1830 bluntly declared: "We have no gold coins in circulation."

Mint Director Samuel Moore stated in 1832: "Gold at present constitutes no part of our currency; and not having, within any recent period, performed in the United States the office of coin, it has not been the standard of value assumed in existing contracts." Gold was brought to the Philadelphia Mint in the form of bullion and foreign coins. After it was minted into U.S. coins, they were mostly exported to Europe.

 

 

$27,500.00
More Information
PCGS # 8088
Grading Service NGC
Year of Issue 1805
Grade MS62
Denom Type Draped Bust $5
Numeric Denomination $5
Mint Location Philadelphia
Designation NONE
Circ/UnCirc Uncirculated
Strike Type Business
Grade Add On NONE
Holder Type N/A

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