By Greg Reynolds for CoinLink

Half Eagles are U.S. $5 gold coins, and were minted for circulation from 1795 to 1929, though not continuously. A gem quality 1813 Capped Head Half Eagle is ‘in the news.’ On August 5, Stack’s auctioned an 1813 that is certified as MS-65 by the Numismatic Guaranty Corp. (NGC). It realized $86,250.

Half Eagles, $5 gold coins, dated 1813 are the least rare of the Capped Head type (1813-34). The 1813 is one of the three or four least rare dates of all early Half Eagles (1795-1834). The 1813 Half Eagle is often the focus of those who collect by design type. A type set includes one coin of each series of coins with the same design, within a defined framework, while a ‘date’ set includes most or all of the dates in one or more series.

An 1813 in Fine-12 condition, if one could be found, would have a retail value ranging from $2200 to $3400, depending upon the technical and aesthetic characteristics of the individual coin. An 1813 in Extremely Fine-40 grade might be found for around $5000, a marked increase over such a coin’s market value just two or three years ago.

Coins are graded on a scale from 01 to 70, though not all numbers in between are used. The four grades for ‘Very Fine’ are 20, 25, 30 and 35. All eleven points from 60 to 70 are “Mint State” (or Proof) grades. The term ‘Mint State’ is approximately equivalent to the traditional concept of ‘uncirculated.’ Coins that grade 65 or higher are usually termed ‘gems.’ This 1813 Half Eagle qualifies as a gem.

This 1813 is a very attractive coin. The very few light copper spots are appealing. My tentative conclusion is that this coin has not been cleaned, chemically processed, or surgically enhanced. It may have been lightly dipped at one time, as have a very large percentage of uncirculated 19th century gold coins. The contact marks, light abrasions, and very thin hairlines are very small and few in number. It was sharply struck on a select planchet (prepared blank). Furthermore, this 1813 Half Eagle is very brilliant. Though it is not a high end ‘65,’ it definitely makes the grade, and is an enticing coin. (more…)