1822 Half Eagle to go to a Stack’s Bowers auction in March

https://mailchi.mp/b82a9ba1aeb3/jason-carter-numismatics-107066?e=e5b8750e9d

This is exciting, 2020-2021 seem to be big years for ultra-rarities to cross the auction block. Although not as famous as a 1804 dollar , 1894-S or 1913 nickel I view the 1822 half eagle as a better coin (I mean they could find more somewhere I guess) . This coin should hit near $10 million

 

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I view the 1822 as a "legitimate" rarity, meaning its a proper, legal US coin and not some "dark of the night" invention of greedy mint workers. Ok, maybe the 1804 silver dollars did not START that way, but the Class II and III were.

I hope it sells for much more than those other items you mentioned. It deserves to.

 

An unparalleled rarity, I'll be watching this auction.

 

I honestly expect this coin to set a new record high price. In my opinion, it is vastly more valuable and desirable than the 1794 dollar, whose pedigree as a specimen is highly suspect.

 

I'm probably not going to bid on this one.

 

I hope it goes to someone other than Hansen. He's only trying to make it a competition against Louis Eliasberg.

 

For you viewing pleasure

 

What was the mintage and how come more didn't survive, even in circulated condition ?

 

Official mintage was 17,796 a fairly low, but not the lowest, mintage for the type. Low survival is probably caused by two things. to a lesser extent the reduction in diameter that came in 1829, but to a much greater extent was the weight reduction that occurred in 1834 which made all the older coins now worth more for their gold content than their face value. After the weight reduction the gold value of the old half eagles was about $5.44. This in a time when that 44 cents represents a third to a half of a typical working mans daily wages meant that these coins rapidly found their way to the melting posts instead of being used. (in fact the coin originally in the mint collection was recovered from coins deposited at the mint for recoinage.)

This melting has resulted in very low survival for all of the coins of this type, although the 1822 is a little extreme. The melting affect all the pre 1834 gold coins which is probably why most gold type sets begin with types of 1834 and later. The older types have such low survival and high prices that the vast majority of collectors can't afford them.