CONDITION CENSUS 1873-S $5, PCGS/CAC AU58

Every series has its share of sleepers, but in the With Motto half eagles, there are few coins which are as underrated as the 1873-S in properly graded AU55 and finer. There are likely fewer than three or four which are properly graded as AU58 (with this exact coin being one of the three best I am aware of) and a single coin finer; a PCGS/CAC MS61 which brought an impressive $28,800 in the Stack’s Bowers 8/2020 auction.

This is a Gem slider with frosty surfaces which have toned in a medium orange-gold configuration on both sides. There is really no wear seen and the slight amount of rub on the high spots is exactly as seen on most coins of this era which are graded MS61. There are a few small marks in the fields but, overall, the eye appeal is just outstanding for both the date and grade.

Only three PCGS AU58 1873-S half eagles have ever sold at auction. The most recent appearance was Stack’s Bowers 3/2021: 5785 at $12,000, while this exact coin (see below) brought $9,600 in November 2020. An extremely low-end piece brought $6,304 as Heritage 1/2020: 5329. The PCGS/CAC MS61 which I mentioned above was really not much nicer than this AU58, and I believe that if the two coins were placed side-by-side, most collectors would not be able to tell the two coins apart.

If you are a serious collector of Liberty Head half eagles or if you appreciate Condition Census gold coinage from the San Francisco mint, you should give this important 1873-S some serious consideration.

Ex Stack’s Bowers 11/2020: 9011 at $9,600.

CAC has approved four in this grade with just one finer (MS61).

From the Islay Collection

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