BD-2, R-4. STATESOF variety.

There are no less than three naked-eye varieties of half eagle known for the 1818. BD-1 has normal reverse dies; it is regarded as R-5 coin with around four or five dozen known. BD-2 has the words STATESOF appeating as one word; it is an R-4 coin with perhaps 100 or so known. BD-3 has the D in the value 5D cut over a O; it is a High R-5/Low R-6 coin with around three dozen known. In total, there are 175-225 known for the date, making the 1818 similar in overall rarity to the 1820.

This is a fresh-to-the-market coin which is solidly Uncirculated and very frosty with attractive rich yellow-gold color as is “correct” for this variety. The surfaces are a bit “ticky” with some marks visible in the fields; these are likely the result of the coin having been shipped loose, many years ago,  in a bag along with other coins to a bank.  There is some interesting die rotation seen on the reverse towards 2:00; I can’t recall having seen this on another 1818 STATESOF half eagle.

There have been three auction records for PCGS MS62 examples of this variety in the past seven years, all at Heritage sales. In August 2010, one brought $20,700. In April 2009, another realized $25,300 and back in January 2006, a third brought $23,000.

The Large Diameter, Capped Bust Right half eagles of 1813-1829 are one of the rarest andmost charismatic early gold types. With the exception of the 1813, all of these issue range from rare to forget-about-it in Uncirculated and with a frequency of appearance of one coin per every two+ years, the opportunity to acquire a nice PCGS MS62 1818 STATESOF is not to be overlooked by the specialist or the type collector.