A common 19th century coin in unusual condition with an interesting history

I bought this 1824 Capped Bust Half Dollar at a coin show last year. It is NGC graded MS-64+. I didn't go to the show with the intent to buy it. In fact, it was not the type of show where a coin like this was apt to show up. It is a fully original, new Gem Uncirculated coin. It is much pleasing that the coin it replaced, which was, shall we say, a bad purchase on my part.

The Capped Bust Half Dollars are fairly common in VF and EF. The reason is that many of them spent their existence in early 19th century bank vaults backing up the bank's paper money. The gold coins until August 1834 were too heavy. Most of them were exported to Europe where they were melted. Therefore the half dollar was the highest denomination U.S. coin that was generally available.

Although these coins are easy to find in VF and EF, strictly Mint State are not that common. Therefore this piece was quite "a find."

Here's the coin which I had in my collection before I bought this one. This 1833 is a fancy AU, and an MS-63 which was the grade on the holder. The obverse fields were dulled, and the coin was not a strict Unc. All of us goof up now and then. This was my turn.

 

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Your new one looks gorgeous. Thanks for sharing your "regretful purchase," which is not a bad looking coin at all. I have found coin collecting to be a sort of "Pilgrim'
s Progress."

 

It was a decent looking coin. The problem was I paid MS-63 money for it. Therefore it was a “bad buy.”

 

The 1833 looks UNC Details Cleaned to me. Maybe a case for their "guarantee." Still, a nice coin. The 1824 though, wow.

 

I like them both. I can see where PCGS could call the '33 MS, but then TPGs often call strictly AU coins MS--otherwise there would much fewer of them. The '24, OTOH, appears to actually be MS. Nice upgrade.

 

Yea, but the TPGs should not be calling AUs MS-63. They should be no higher than MS-61 or 62.