1814/3 $5.00 PCGS MS62 CAC

BD-1, High R-4. This second year of issue Capped Head Left emission is sometimes lumped with the common 1813 but it is many times rarer. An estimated 100 or so exist and this issue is seen most often in the AU50-MS60 range. In properly graded MS62, it is quite rare and the availability of examples of this quality is typically limited to major auctions. This coin has a very choice obverse with the appearance of a full MS63; a few scattered marks at the upper reverse preclude a higher grade. The color is a rich lemon-yellow hue (which is "right" for the issue) and the luster is characteristic of uncleaned 1814/3 half eagles (and there aren't many left...) with a hybrid satiny/frosty texture. The last PCGS MS62CAC example to sell at auction was Heritage 10/11: 4876 (at $25,300) and that coin, while attractive, had a prominent line of Liberty's face. A great type coin for the advanced collector.

CAC has approved four in this grade with three better.

1814/3 $5.00 PCGS MS62 CAC

BD-1. High R-4/Low R-5. Fewer than 100 pieces are known in all grades. Struck from strongly clashed dies as is typical for this issue. A lovely example of this rarity with great luster, a nice strike and pleasing light to medium pale rose and orange-gold coloration on the obverse and reverse. A few trivial marks on the obverse narrowly remove this from the MS63 level. The 1814/3 is many times rarer than the 1813 and compares favorably with the 1818 and 1820 in the fabled Capped Bust half eagle type that was produced from 1813 to 1829. A nice PCGS MS62 1813 half eagle in MS62 with a CAC sticker is worth around $20,000 in this market. At around a 25% premium, the 1814/3 in this grade seems like an amazing value to me as it is far, far scarcer and nearly impossible to find choicer. In September 2008, Superior auctioned a decent quality PCGS MS62 example for $27,600. If you are looking for this a nice example of this fabled type, you would be hard-pressed to find better value than this 1814/3!

Ex Heritage 8/11: 7540 where it sold for $22,450