UNDERAPPRECIATED PCGS/CAC MS61 1894-O $5.00

Just three With Motto half eagles were made in New Orleans. The low mintage 1892-O is by far the rarest with the 1894-O the second hardest to acquire. While the 1894-O saw very little circulation, many were shipped loose in bags to Europe where they were poorly handled. As a result, most higher grade 1894-O half eagles either have excessive friction and are now AU55/58 as a result or they are exceedingly baggy and now grade MS60/61.

This piece shows extensive abrasions wit the deepest placed in front of the first two stars. However, the luster is way above-average for this issue which is usually grainy in texture; this coin has the sort of frosty luster you would expect on an 1894-P half eagle.

Stack’s Bowers sold a PCGS/CAC MS61 1894-O half eagle in their March 2023 auction and it realized $3,360. When available, nice PCGS/CAC MS62 1894-O half eagles sell in the $6,000-7,000 range.

While price levels have risen for this date in PCGS/CAC, I still think it represents good value at under $4,000.

CAC has approved nine in this grade with seven finer.

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