1807 Half Eagle, 1807 $5 Capped Bust Left (BD-7, R-5+) NGC MS-62. Offered here is an uncirculated survivor of the 1807 Capped Bust half eagle, a new and short-lived type introduced that year. The present specimen is an example of BD-7, the first variety of the year, in the latest die state known (presumably terminal). While variety collectors of early American gold coinage are as rare as some of the coins, the status of this coin as the rarest of the two 1807 varieties is undisputed. On average, just one out of every 15 coins offered of this already scarce date, only one will be of this variety. That said, the estimated number of specimens seldom is higher than, and we believe that it might actually be lower, when auction appearances are counted. As such, this is an important offering for the specialist of early American $5 gold pieces.

While the second variety, which was struck after BD-7 used the same obverse die, this is the only use of this reverse die. On the coin we presently offer, we can clearly see the reason of its early retirement, presumably after 3,000 to 5,000 coins struck at most (as per Bass-Dannreuther, Early U.S. Gold Coin Varieties). A large and prominent die crack has developed from just above the E in STATES all the way down to the tail of the eagle. This die-crack is also visible on the Bass collection specimen, which has retained in the core collection currently on display. Additionally, the present coin has a die crack that starts to the right of the second S in STATES, and runs to the S in PLURIBUS.

The total mintage of both 1807 Capped Bust $5 varieties is usually quoted at 51,605, although it might have been slightly smaller. As mentioned, only 1/10 of all these coins struck were of the present variety (if that many), so the usually quoted available date is not applicable to this coin, or in fact, to this grade. Uncirculated survivors of this issue are always in demand, for the short-lived design and rarity of the other issues, with the 1810 generally considered to be the most available date with a mintage of over 100,000 coins.

Certified by NGC in a new holder as MS-62, the coin appears to be of a higher grade at first glance. The fields are remarkably clean, with only some scattered hits from handling on either side. The strike is strong and sharp, highlighting all of the design elements. Most profound is the luster, which is satiny and quite impressive on both the obverse and the reverse. Moderate orange-gold toning, quite pleasing in hand, is visible on the fields. Not only is this a rare variety and an important offering as such, it is also one of the finer known of BD-7, which is rarely offered for sale at either public auction or fixed price listings. Act quickly to secure this rare coin for your collection that was lacking in both Newcomer and Clapp collections.