By Doug Winter – RareGoldCoins.com

I recently purchased an 1821 half eagle graded AU53 by PCGS and I’d like to share some information about a coin that ranks as one of the rarer numismatic items that I have handled in some time. This piece was Lot 3684 in the recent Bowers and Merena November 2009 Baltimore auction where it realized $112,125 including the buyer’s charge. It is now owned by an East Coast specialist who is assembling a set of early gold by date.

The mintage for the 1821 half eagle is recorded as 34,461 but it seems likely that at least some of the coins struck during this year were actually dated 1820. Today, there are probably no more than 15 1821 half eagles known. Two die varieties exist with two different obverses sharing a common reverse (which is also seen on certain varieties of 1820 half eagle). The more common of the two (BD-1) has the final star on the obverse close to the back curl. The rarer (BD-2) has this star distant from the curl and placed higher up in relation to the back curl.

Why is the 1821 half eagle such a rare coin? The answer, as with virtually all half eagles of this type, lies in the fact that nearly the entire mintage was melted by 1834 after the weight of gold coins were reduced. The old tenor half eagles were suddenly worth more than their face value and this led to wholesale meltings. In the case of some dates (like the 1822) virtually the entire mintage was wiped-out. In the case of the 1821, nearly all of the coins were melted as well but a few of the survivors appear to have been set aside intentionally.

PCGS has graded a total of eight 1821 half eagles. This includes three in Uncirculated: MS62, MS63 and an amazing MS66. NGC has graded seven with three in Uncirculated as well: an MS61, an MS63 and an MS66. The PCGS and NGC populations are virtual mirror images of one another and we can assume that there are a number of duplications. Obviously, the MS66 is the same coin and I believe that the MS63 is the same as well.
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