[After] comparison with the obvious 1825/4 overdate variety to follow (BD-2), the upright previously considered a 1 is likely a partially effaced 4.” — John Dannreuther, Early U.S. Gold Coin Varieties, 2006</em>Distinctively beautiful and highly reflective, this coin resembles the one-sided Proofs found in the Smithsonian Institution and the Harry Bass Foundation collection. Both sides are deeply and beautifully toned a rich yellow gold that deepens in the fields and around the peripheries, but preserves the cherished faint green among the satiny details of the reverse. The obverse is boldly, stunningly reflective, with cameo contrast between the frosty device and the fields that pool outside them. Raised die polish lines, running mostly vertically though not always perfectly parallel, are seen throughout the obverse fields, with two of the more prominent ones standing out above 82 of the date. The peripheral flowlines of almost crystalline character, often seen on Proof coins of this era, are seen radiating from the center just inside the denticles. Every detail is boldly struck, including every curl on Liberty’s head and the center of each star. Recutting is seen on several stars, including star 3 and star 10, while others show light polish or finish lines around them. The center of star 5 is uniquely surrounded by frost. The rim is crisp, if not perfectly square everywhere. Some light hairlines are seen in the fields, but only the most minor contact points are noted, including those visible between star 5 and the forelock and near the base of Liberty’s cap. Two short parallel scratches are hidden below star 13, and a shallow abrasion is present above the top arrowhead on the reverse.Very fine cracks join the upper two serifs of M to ER in AMERICA, while a disconnected and similarly ephemeral crack joins IC near their tops. The same cracks are seen on the 1825/4 BD-2 in the following lot, which also shows similar formations of frost within the lapped portions of the shield, mostly around the inner periphery. Further areas of frost are seen beneath ITE of UNITED and in the space between the denomination and the final A of AMERICA. Three nearly but not perfectly parallel lapping lines are seen below the frost under UNITED, in the center of the left reverse field. The feathers on the arrow are somewhat spare, and the end of the olive branch is hollow, traits associated with lapping. This die state is identical to that seen on the Harry Bass one-sided Proof and the Norweb coin. The centering dot is both prominent and distinctive. The die rotation is perfect coin turn.The most notable aspect of this variety is its overdate, long identified as 1825/1, though this specimen clearly shows the upper A-framed angle of a 4 beneath the final date digit. An area of raised frost within the lower curve of the 5 does not obscure these upper details, nor does it hide the lower serif of the underdigit. PCGS has chosen to hedge their bets, calling this an 1825/4/1, but study of the Bass and Mint Cabinet specimens by John Dannreuther has confirmed this overdate as 1825/4, albeit a different die from the famous 1825/4 rarity. Even if a 1 was ever punched before the 4, an improbable situation, the visible vestiges of the 4 and the remnants from the attempts to efface it obscure any potential evidence of a digit under the 4. The denticle beneath the left side of the 5 is shorter, probably from the lapping event, and a shallow and difficult to see raised anomaly, perhaps an artifact from a polished out lapping line, is seen beneath the 2 of the date. Some evidence of microscopic spalling is seen right of the 5; this is not unusual, as fine spalling seems to often accompany lapping on the dies of this era.The quality of this specimen places it among the highest echelon of survivors of this rare issue. David Akers was describing this coin when he wrote in his textbook on half eagles “true gems are extremely rare, with the finest specimen known to me being the one sold at Paramount’s November 1978 sale.” Nearly 40 years later, this coin’s position of primacy remains intact as the finest example ever graded by PCGS.PCGS# 519936. NGC ID: 25R2.