Coin Specifications

Category: Capped Bust $5 (1807-1834)
Mint: Philadelphia
Mintage: 14,485
Catalog: KM-43
Obverse Designer: John Reich
Reverse Designer: John Reich
Composition: Gold
Fineness: 0.9160
Weight: 8.7500g
AGW: 0.2577oz
Melt Value: $330.24 (8/22/2014)
Diameter: 25mm
Edge: Reeded
Numismatic specification data provided by Krause Publications NumisMaster.
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1823 $5 MS obverse 1823 $5 MS reverse


  
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Description & Analysis

As devotees of the early half eagles know, midway through 1807, the newly hired Mint second engraver (and German immigrant) John Reich introduced a new design for the series, known as the Capped Bust to Left, Large Bust design, replacing the previous Capped Bust to Right design of 1795-1807. The new design featured a Liberty with expansive bustline in front of the date. Some contemporary newspapers, commenting on the new design for Liberty, derided it as emblematic of 'the artist's fat mistress.'

The first type endured for only six calendar years, from 1807-1812, before a second design superseded it. The expansive bustline on Liberty was gone, with a larger head in compensation. This type is sometimes called the Capped Bust, Small Bust, Large Diameter. It endured from 1813 through 1829 and is among the rarest of all U.S. coin types. The half eagle during the early 19th century was America's largest gold coin, and the gold content frequently rose above the coins' face value, leading to wholesale melting.

Garrett and Guth say of the 1813-29 type, which they call Capped Head to Left, Large Diameter:

'The Capped Head to Left, Large Diameter type, issued from 1813 to 1829, contains some of the greatest rarities in American numismatics--coins such as the 1815 half eagle, the 1822 (three known), the 1825/4 (two known), and the 1829 Large Date. Most of the dates in this series have low mintages, usually below 50,000 coins. The 1820 half eagle has the highest mintage (263,806 coins), and the 1815 the lowest (635 coins). Some dates, such as 1819, have a reasonably high mintage (51,723 coins) but remain extremely rare today. The rarity of many of the dates cannot be attributed to attrition alone--clearly, vast majorities of many dates were destroyed en masse.'

The 1823 half eagle is considered one of the more available dates of the 1820s--but again, that is the most challenging decade and denomination of U.S. coinage, overall. Akers writes in his 1988 reference:

'The 1823 is a very rare coin but it is still one of the more 'common' dates of this type, and certainly the most available date between 1821 and 1829. When 1820 is considered just as a date and the Curved Base 2 and Square Base 2 varieties are not broken out, the 1823 is more rare than the 1820, as well as the 1813, 1814/3 and 1818.'

More recently, Bass-Dannreuther have estimated that only 80-100 examples of the 1823 survive, pegging it at High R.4. Most of those survivors grade AU or better, indicative of the slowness with which these high-face-value coins circulated (if at all) during the period from their production until the early 1830s, when the gold content was reduced. This was an era when silver half dollars were the chief medium of exchange for workaday commerce. Half eagles tended to be either be stored and hoarded, or shipped around from bank to bank during major transactions.

All 1823 half eagles were produced from a single die pair, in fact, the reverse was used with all half eagle obverses dated 1821 through 1824. The lowest fletchings are closer to the D than 5 in the denomination, and the lowest arrow points to the right tip of the I in AMERICA. On the obverse, the 2 in the date has a curved base, and it and the 3 are a trifle larger than the 18. According to Bass-Dannreuther, die state evidence suggests that both the 1823 and 1824 issues were struck before the 1822.

Description and Analysis courtesy of Heritage Auctions and may not be republished without written permission.


GRADE SUMMARY

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Price Guide

Last Updated: 8/15/2013

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1823 $5 MS
  GVGFVF4045505355586061626364656667686970
Base $ 1500 2250 4750 9500 13500 13500 15500 16500 18500 24500 26500 29000 36000 52500 79000 270000 - - - - -
$ 15000 17000 18000 20000 26500 28500 31000 39000 57500 97500 300000 - - -
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Census

 
NGC GRADE SUMMARY

Total Graded: 23
Low Grade: F
Average Grade: 58
High Grade: 65


Upcoming Auctions


Auction Prices Realized

A random selection of coins is shown below.

Images
Date
Service
Grade
Auction House
Sale / Lot
Price
1/9/2002 NGC MS 62   Heritage Auctions 2002 Orlando, FL (FUN) Signature Sale #280, 280/Lot# 8103 $16,100.00
5/24/2009 PCGS MS 63   Goldberg May 24-27, 2009 Pre-Long Beach Coin and Currency Auction, 53/Lot# 1267 $33,350.00
10/13/2011 NGC AU 58   Heritage Auctions 2011 October 13-16 US Coins Signature Auction #1160- Pittsburgh Session(3), 1160/Lot# 4877 $20,700.00
1/3/2012 PCGS MS 61   Heritage Auctions 2012 January 4-8 US Coins & Platinum Night FUN Signature Auction- Orlando Session(5), 1166/Lot# 4674 $32,200.00
1/8/2014 PCGS MS 64   Heritage Auctions 2014 January 8 - 12 FUN US Coin Signature Auction - Orlando Session(3), 1201/Lot# 5429 $82,250.00
1/26/2014 PCGS MS 63   Goldberg January 26-28, 2014 January Pre-Long Beach Sale 17.5% BP, 78/Lot# 1778 $70,500.00
8/6/2014 NGC MS 62   Stack's Bowers August 2014 Chicago ANA, 6014/Lot# 11091 $29,375.00


NGC Registry

NGC Registry Score 1823 $5 MS
 PrAgGVGFVF4045505355586061626364656667686970
Base1803197021472335272731943730417247365060549057475922640076519007124801613321250285203899054275
1858202922092465288233723877436048445203557558056081681781031016413697178382367332010440850
000000387743604844520355755805608168178103101641369717838236733201000
000000402445484952534656615863624072348555113221491519544260963550000
1823 $5 MS Prooflike
 PrAgGVGFVF4045505355586061626364656667686970
Base1900207222562451285733403894435049325265570859736153664479309322128801661621842292553991655458
1957213323212586301835244046454450435412579660336316707283941050814125183582431332808450960
000000404645445043541257966033631670728394105081412518358243133280800
000000419847385154556058846093648075018858116941537020100267843636200
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