1837 $5 Classic Head Half Eagle, HM-3 PCGS AU50

Here’s a dramatic piece to include in your collection. The Classic Head half eagle was the highest denomination at the time of its issuance. In the HM-3 variety, PCGS has graded 1 as AU50 with 1 finer. Overall, including the three varieties (HM-1, HM-2, and HM-3), PCGS has graded 44 as AU50 with 130 finer. Collectors Universe prices this issue at $2,750.00 in AU50.

William Kneass, who designed and engraved the Classic Head half eagle series. Image: Wikimedia Commons.

Contemporary U.S. gold coins--with a bullion value in international markets that surpassed their face value in silver--were frequently the object of melting during the pre-1834 period. The one series of gold coins that saw the most elimination through melting at that time was the $5 Capped Head half eagle of 1813-1834. However, the Mint Act of 1834 dramatically altered that practice, striking gold coins that were reduced in weight so that they would circulate--which had never happened since gold coins were first produced in 1795. 

U.S. Mint Director Samuel Moore wanted to get those new coins into the hands of consumers. Since he expected a huge demand for the new coins, Moore ordered chief mint engraver William Kneass to create a totally new design. To that end, Kneass crafted a unique dishevel-haired Liberty facing left, with thick and curly tresses held in place by a headband inscribed with LIBERTY.