BD-2, High R-4.

The 1802/1 is one of the more available dates of this type but no Capped Bust Right half eagle is common in properly graded MS64. The current PCGS population of 21 is unquestionably inflated by resubmissions and the number of distinct, properly graded MS64 1802/1 half eagles is likely fewer than ten coins. Gems are exceedingly rare and the finest known, an amazing PCGS MS66, will be sold in the coming Pogue Collection for what no doubt will be a record-setting price.

This fresh-to-the-market example has not been available to collectors for close to two decades. It is not a 63 which gradeflated into a 64; this is a solid coin for the grade with superb eye appeal. The obverse is extremely frosty with rich natural yellow-gold color; the reverse shows superb rich original orange-gold color and it is of Gem quality. In fact, the only thing “wrong” with this coin is a patch of small, shallow adjustment marks in the left obverse field which extend up to the tip of the final star on the left.

In Heritage’s recent 3/15 sale, a non-CAC PCGS MS64+ brought $58,750 while a CAC approved PCGS MS64 sold for the same amount as Heritage 1/14: 5415. There are auction records of over $50,000 for MS64 examples of this issue going back as far as 2006.

A PCGS/CAC MS65 1802/1 half eagle, if available, would likely bring in excess of $150,000 and might be considered an “overbuy” for most collectors who are seeking a single very choice Capped Bust Right half eagle for type purposes. This is one of the finest early gold coins I have had the pleasure of offering for sale in many years.

CAC has approved just three 1802/1 half eagles in MS64 with a single coin finer.