BD-8, R-2. Capped Bust Left variety.

1807 is an interesting transitional year in which two different designs of half eagle were struck. The old Robert Scot design was replaced by the newer John Reich design and this variety continued until it was changed in 1813. The 1807 Capped Bust half eagle is seen most often in the AU grades. It is not all that rare in the lower Uncirculated grades but it becomes scarce in MS62, rare in MS63 and very rare in properly graded MS64 and above.

This frosty example has not been dipped or processed as have so many early gold coins. As a result, it is vibrant and shows nice light to medium yellow-gold on both sides. The surfaces are cleaner than one might expect with just a small hairline noted in the left obverse field. There is some light friction on the high spots, probably from storage in an old album but this is an unquestionably “new” coin with very good eye appeal and no adjustment marks or rim issues.

The last two auction trades for MS61 examples of this date are $11,188 in Heritage’s 1/13 sale and $12,075 in Heritage’s 7/11 sale; both were in NGC holders. There have been no auction records for a PCGS MS61 example since 11/08.

I recently wholesaled an AU58 example of this date for $10,500 and can’t imagine that this fresh, frosty MS61 at just over a thousand dollars more isn’t an awfully good value.