1808/7 Half Eagle $5 PCGS MS61. BD-1, R-6. Since the Bass-Dannreuther (BD) reference on early American gold coins was published there has been a growing awareness of the rarity of some of these historic and enigmatic pieces. While an extremely limited number of advanced collectors try to assemble variety sets of, for instance, half eagles, rare varieties have been growing in demand and are now more recognized in the market place. Luckily enough, however, the premium for most varieties is relatively small compared to their rarity, and there are many opportunities for the conscious collector and investor.

The present coin ranks high as one of the scarcest varieties within the capped bust half eagle type. Two varieties of the 1808 half eagle have been designated as overdates, with the last digit punched over a seven. Both employ the same (leftover) reverse die previously used in 1807, but the two obverses are different. Die state research of the reverse die has revealed that BD-1, the present variety, was struck before the other 1808/7 obverse was paired with this reverse (designated as BD-2). BD-1 is approximately three to four times as scarce as BD-2, with an estimated 20 t0 30 coins known in all grades, at most. This number no doubt includes a few impaired specimens, along with a select number of uncirculated coins, of which the present is an exceptional fine example.

The red book includes a separate listing for the 1808/7 half eagle, creating more public awareness, and a sought-after variety. While most examples that are offered are of the BD-2 variety, the present BD-1 is easily identified as such. On BD-1, the numeral 1 in the date is centered over a dentil, while the same numeral is between two dentils on BD-2. Some other minor differences in date and star placement on the obverse are also noted. By the time this coin was struck, the obverse die already started showing signs of wear, which would eventually lead to early retirement of the obverse die. Two die cracks are seen near the bottom, running towards the center of the coin. A third die crack which would appear near star 8 on the terminal die state is not yet visible.

A major red book variety which is already very scarce, this rare BD-1 variety is a true uncirculated coin, with subdued luster visible on both sides. A strong strike and pleasing color adds to the eye-appeal of this coin, which has been certified by PCGS. No major hits or distracting marks are seen on either side, and the surfaces appear to be choice for the grade. The present coin could very well see an increase in demand over the next few years when the true value of these pieces is realized by collectors of early American gold coinage.