“I continue to be entranced by this form of collecting and am constantly searching for the coin that will either upgrade or add a new dimension for my collection.” — Norman Stack, United States Type Coins, 1986 Spectacularly mottled deep copper orange and dark yellow gold toning confers magnificent visual appeal to both sides of this stellar gem. As magnificently lustrous as the day it was struck, and perhaps now even more beautiful, this is the finest known example of this popular variety. The surfaces are so boldly original, so close to being immaculate, that the assigned grade seems somehow insufficient. What marks are found are all well hidden, including a scrape near the corner of Liberty’s eye and a tiny nick low on her nose. Some adjustment marks cross the central reverse harmlessly, visible on the wing at left and the shield. The only area of striking weakness, on the curl left of Liberty’s ear, is opposite these marks. The die rotation is about 30 degrees clockwise beyond standard coin turn. Struck from the terminal state of the dies, this coin shows a fully bisected obverse, cracked through the center of the second 8 of the date, Liberty’s earlobe, I of LIBERTY, and the right two points of star 6. The reverse remains perfect. Both sides of this scarce variety are distinctive from those that preceded it. The obverse shows the new rendition of Reich’s Capped Head design, now thought to have been accomplished by Robert Scot, the longtime Mint engraver who remained after Reich’s departure in 1817. His portrait bust of Liberty shows lower relief than Reich’s version; Breen also pointed out that the “hair is coarser, [and the] cap [is] more obviously wrinkled.” Unlike the 1818 Bass Dannreuther-1, which used the scalloped star punch for all 13 of the stars, this obverse uses a non-scalloped star punch for all 13 stars. Aside from an appearance on a dime obverse of 1820, after this year the scalloped star would never be seen again. The reverse is the primary calling card of this variety, with its unusual spacing among STATES OF that makes the two words look like one. The reverse die that follow this one in the die emission sequence shows so much space between STATES and OF that it has often been described as the result of an overcorrection. This superb example was chosen by Norman Stack for his high grade type set, largely constructed in the 1970s and 1980s, before publication of his book United States Type Coins: An Illustrated History of the Federal Coinage. Showcasing images of each major design, the book’s distinctive landscape format and abundant color photography made it unusual in the world of numismatic literature. Its dust jacket stated that it was “designed to aid both beginning and advanced collectors in assembling a Type Collection tailored to individual tastes.” Stack’s tastes focused on very high grade pieces, and upgrading was a constant process. After the collection was sold intact, via Eric Streiner, to the partnership of Kenneth Goldman and Mark Yaffe, several coins ended up in the Pogue Collection, including the gem 1802/1 half eagle from the Pogue II sale and the superb 1798 quarter eagle offered in Pogue I. Inspection of coins from the Norman Stack type set indicates that Stack, the primary cataloger of American coins for his firm, both understood and appreciated original color and surface, a sense that comes only from examining large quantities of coins in a wide range of grades. The half eagles of the D. Brent Pogue Collection are a remarkable teaching resource, offering lessons in the ideal of originality among early examples of this denomination. Though originality represents just a portion of the calculus by which grade is determined, this example is also a standout for its pure technical grade. No other 1818 STATESOF half eagle has ever been graded finer than MS-64 by PCGS, making this the finest certified by a full two points. No finer example of this variety has been rumored in any private or public collection. PCGS# 8121. NGC ID: 25PR.
