BD-2, High R-4. Narrow 5D variety.

This historically significant issue, struck the first year of the War of 1812, is one of just three denominations produced in this year, along with the copper Cent and the silver half dollar. The 1812 half eagle is not really a scarce issue in circulated grades but it is not often seen in the lower Uncirculated range and it is legitimately scarce in properly graded MS63, especially with natural color and choice surfaces.

This is a wholly original Capped Bust Left half eagle with splendid deep natural green-gold and orange hues on the obverse and the reverse. Both sides are choice and lustrous with no planchet problems or serious marks. In fact, other than an old scrape in the left obverse, this coin is close to grading a full MS64. I have not seen many comparable 1812 half eagles and this variety appears to be very rare in higher grades; far more so than the BD-1 Wide 5D.

The last PCGS MS63 1812 half eagle to sell at auction was a non-CAC piece which sold for $22,913 as Lot 4485 in Stacks Bowers 2013 ANA. A non-CAC NGC MS63 with unusual yellow-gold color sold for $27,025 as Heritage 6/13: 4761.

For most collectors, this MS63 represents a sensible addition to their date or type set. A PCGS/CAC MS64 would cost $45,000-50,000 if available and would probably be only marginally nicer than the present example.

CAC has approved nine in this grade with 13 finer.