A  duo of gold $5 half eagles graded Mint State 64+ were standouts at Scotsman Auction Co.’s Nov. 1 Collectors’ Auction in Saint Charles, Missouri.  

In March 2010 at the American Numismatic Association National Money Show in Fort Worth, Texas, Professional Coin Grading Service and Numismatic Guaranty Co. announced their addition of plus grades to numerical grades. At that time, PCGS co-founder David Hall said the addition of plus grades was market-driven: “Coins that are considered high end for the grade are recognized by sophisticated dealers and collectors and such coins are worth a premium in the marketplace.”

An 1857 Coronet gold $5 half eagle in PCGS MS-64+ is one of just two in this grade at PCGS, with none finer (NGC’s top graded example is MS-63+). The Philadelphia Mint issue has a relatively accessible mintage of 98,188 examples and is part of a group of half eagles from that mint that are rarely found in top Uncirculated grades. David Akers wrote in 1988, “Although strictly Uncirculated coins are occasionally available, they are rare, and gem quality coins are extremely rare,” and grading service submissions over the past few decades have proven him right.

It realized $24,190, with Scotsman’s cataloger observing gleaming luster, while noting, “One copper spot clings to the first star and a tiny carbon dot randomly flings into the obverse right field,” and, “one tiny hairline at the upper chin, with this trio of characteristics perhaps conspiring to limit full gem potential.” Another example graded MS-63 by PCGS with a green Certified Acceptance Corp. sticker recognizing quality within the grade sold for $14,400 at Stack’s Bowers Galleries’ March 2022 presentation of the Fairmont Collection’s Hendrick’s Set.

Final year of Indian Head half eagle

PCGS explains, “The MS-64 grade is sort of in the middle of the uncirculated grading range, and it is frequently the type of grade a ‘typical’ nice uncirculated coin might achieve.”

“Nice” would be a modest way to describe the 1929 Indian Head gold $5 half eagle graded MS-64+ by PCGS with a green CAC sticker that realized $62,245 at Scotsman. It is the final issue of the denomination and is among the tougher issues of the type to find in higher Mint State grades. “Strong luster checks off the first item on the list of accolades, followed immediately by what appears to be unexpectedly and pleasantly original color, including medium golden iridescence joined by much grapefruit-orange accenting,” the cataloger notes, while recognizing that a few tiny nicks keep it from a gem grade.

The 1929 Indian Head $5 coin was the first issue of the denomination since 1916, and 662,000 pieces were struck at the Philadelphia Mint. It has never been fully explained why the denomination was revived, and most were melted. PCGS has graded none finer than MS-65. A typical PCGS MS-65 example of the issue sold for $81,000 at Heritage’s January 2024 Florida United Numismatists auction, illustrating the value that these high-end MS-64+ examples provide collectors.

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