1838 Half Eagle (1838 $5) SS New York, NGC MS61. Luminous devices highlight this shipwrecked 1838 half eagle. There are a few contact marks on Libertys face and the fields and a few hidden in the reverse devices, which probably keep the coin from a higher mint state grade. The strike is full on the reverse with a touch of weakness in the hair above Libertys hair. This coin is the rare small arrows, large 5 variety. It has the TES widely spaced and shorter, thinner talons. Engraver William Kneass borrowed from John Reichs earlier Classic Head cent of 1804-14 to design the new half eagle. Instead of a Phrygian cap, Liberty wears a headband inscribed LIBERTY. Because of the weight reduction of this design type, a huge number of pre-1834 coins were returned to the mint for melting. Many of these new Classic Heads were made from this gold. Most of the new coins were used in circulation, and few were saved as souvenirs. Mint state examples, such as the present coin are very rare.

The S.S. New York was an elegant, wooden-hulled, 160 foot side-wheel steamer, built New York City in 1837. The ship transported light merchandise, provisions, buffalo hides and cotton, as well as passengers back and forth between Galveston Texas and New Orleans. Occasionally she was chartered to transport U.S. army troops. In 1846 she was caught in a storm and sank. After 161 years, in 2007, the shipwrecked S.S. New York was recovered off the Gulf of Mexico. Gold coins from the southern branch mints as well as Philadelphia were found on board. The recovered treasure included gold coins valued at over a million dollars. Among them are eagles, half eagles, such as the present coin, and quarter eagles.