1820 Capped Head Left Half Eagle. BD-2. Rarity-5+. Square-Base 2, Large Letters. MS-63+ (PCGS). CAC.；Sharply to fully struck with intense satin to semi-reflective luster, this 1820 half eagle is a beautiful example of an elusive and conditionally challenging early type. Evenly toned in handsome medium gold, the technical quality and eye appeal of this coin are impressive.<p>The dies for half eagles of 1820 used two different logotypes for the numeral 2. The four die combinations (three obverses and four different reverses) known for the Square-Base 2 variety all used large letter punches. These four die pairs were responsible to coining roughly half the 263,806 half eagles reported struck in 1820. The mintage figures belie the true rarity of the issue. Because Congress specified a gold to silver ratio of 15 to 1, when the price of gold rose overseas, the intrinsic value exceeded face value, leading many to hoard gold coins and ship them abroad to sell for a profit. This explains the overall paucity of early gold coins that survived to the present. With rarities ranging from Rarity 5 to Rarity 7+, no variety can be considered common. With only 20 to 25 pieces known, the BD-2 die pair is one of the more available. BD-3, is twice as available, while the BD-1 and BD-4 combined do not equal that of the BD-2s surviving population. Luckily a small cluster of Mint State examples are known and the issue can be obtained in high grade. Exquisite Choice specimens earning the Plus designation from PCGS along with CACs mark of superb eye appeal are exceptional. This extraordinary offering will not soon be repeated.<p>；
