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Rare 1822 gold coin fetches
record $8.4M at auction in Vegas

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Posted By: Hazymac, 3/30/2021 9:48:20 AM

The coin trading world has a new gold standard, after the only known 1822 half eagle $5 piece in private hands sold at auction in Las Vegas for US$8.4 million ($10.9m). Douglas Mudd, curator and director of the Edward C. Rochette Money Museum in Colorado Springs, Colorado, confirmed the coin is one of three of its kind in existence and the auction price Thursday was the highest for a US gold coin struck by the US Mint. The most expensive US coin ever sold, at US$10m ($13m), is a 1794 US “Flowing Hair” silver dollar said to be among the first-ever minted in the fledgling United States. The 1822 half eagle $5 coin

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Only three examples of the legendary 1822 half eagle (Capped Bust Facing Left) are known to exist from a mintage of 17,796, and two of those are in the Smithsonian. The unidentified buyer is the fourth owner of the coin in 115 years. Capped Bust Left Half Eagle and the very similar Capped Bust Left quarter eagle are my favorite American type coins.

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Reply 1 - Posted by: RobertJ984 3/30/2021 9:51:56 AM (No. 739339)
In Vegas ehh? We know that probably is.
0 people like this.

Reply 2 - Posted by: RobertJ984 3/30/2021 9:52:30 AM (No. 739345)
WHO that probably is...
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Reply 3 - Posted by: Hazymac 3/30/2021 9:53:19 AM (No. 739349)
When the coin last came up for auction in October 1982 during the sale of Louis Eliasberg's gold coin collection, it went for $687,500. Eliasberg, a Baltimore banker, assembled the only complete collection of U.S. coins by date and mint, including several unique coins. What Eliasberg did will never be done again. It's just not possible now.
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Reply 4 - Posted by: DVC 3/30/2021 11:38:08 AM (No. 739476)
The interesting thing is that about 18,000 of these were minted, yet only three examples are known. You wonder why that would be the case. Seems like more than 3 would have survived. It turns out that at some point after the minting, the intrinsic value of the gold in the coin was $6 on a $5 face value coin. So, go to the bank, get 20 of them for $100, melt them down and sell the gold for $120. And since $1 or so was about a day's wages for a working man, that was a heck of an incentive to melt them down. And apparently almost all of them were melted down for their gold.
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Reply 5 - Posted by: Hazymac 3/30/2021 12:21:50 PM (No. 739537)
Survival rates of some regular mintage issues (like the 1822 Half Eagle) can range down to zero, or very near. There might be some more 1822s in a ship wreck somewhere, but nearly all of that mintage was probably melted. The same happened to the 1933 St. Gaudens double eagle. Mintage: 445,500. One specimen, the King Farouk coin, monetized by the government, making it legal to own. But at Ft. Knox there are ten more 1933s that the government hasn't melted, but probably won't monetize, making the Farouk specimen effectively unique. BTW, the Farouk double eagle sold for $7.69 million in the early 'Aughts. It will be auctioned off in June. If I were the owner, I'd be afraid of the ten Israel Swift specimens, which are genuine, might someday be legalized. That would have a negative effect on the value of the Farouk coin. Some rarities are rare to begin with. The 1894-S Barber dime had a mintage of about 24, intended as presentation pieces. About nine are known today, one well worn from circulation, the one given from father to daughter, reportedly spent on an ice cream cone in 1894. And then there are conditional rarities: common coins that are almost unknown in top condition die to weak strikes. A good example is found in the highest mintage Mercury dime in the entire series form any of the three mints, the 1945 minted in Philadelphia. Well over 100,000,000 were minted. In circulated condition the dime is worth its silver content. In uncirculated condition, it's not worth much more due to high mintage and survivability rate. In MS-65 (gem uncirculated) its value rises only to $25. In Ms-65 with Fully Split Bands (designated FB) on the fasces on the reverse the value soars to $15,500. Dealers have examined thousands of uncirculated '45s without finding one fully struck. They're quite rare for such a common coin.
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Reply 6 - Posted by: Flyball Dogs 3/31/2021 12:52:34 AM (No. 740163)
I love this salon for many reasons: Hazymac and DVC being 2 good examples. Thank y’all for some very interesting info.
2 people like this.

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Rare 1822 gold coin fetches
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Posted by Hazymac 3/30/2021 9:48:20 AM Post Reply
The coin trading world has a new gold standard, after the only known 1822 half eagle $5 piece in private hands sold at auction in Las Vegas for US$8.4 million ($10.9m). Douglas Mudd, curator and director of the Edward C. Rochette Money Museum in Colorado Springs, Colorado, confirmed the coin is one of three of its kind in existence and the auction price Thursday was the highest for a US gold coin struck by the US Mint. The most expensive US coin ever sold, at US$10m ($13m), is a 1794 US “Flowing Hair” silver dollar said to be among the first-ever minted in the fledgling United States. The 1822 half eagle $5 coin
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