1929 Indian Half Eagle. MS-64+ (PCGS). CAC.Well struck with sharp features throughout, here is a coin with considerable original frosty surfaces and even orange-gold coloration with just only the barest hints of toning, most notably a crimson halo surrounding Star 11 on the obverse. Only a very few minute marks are found on this issue well known for detracting abrasions. Well deserving of the stated grade as confirmed by the CAC sticker, here is an exceptional specimen of a perennial favorite.The 1929 Indian half eagle is an excellent case study in how using the mintage figures of gold coins from the 1920s and 1930s as an accurate predictor of rarity is fraught with great difficulties. In 1916, production of the half eagle was suspended after only 240,000 were struck just at San Francisco that year. It would not be until 1929 before production resumed, this time only at Philadelphia. While 662,000 half eagles were struck, the nation was in economic turmoil that would soon explode into the Great Depression, and gold was simply not needed in circulation. Only a very few 1929 half eagles actually managed to enter commercial channels; almost the entire mintage sat in Treasury coffers where they would remain until the great melts beginning in 1937 when they went straight into the Mints crucibles to become ingots. Even more were returned to the Treasury after the implementation of the Gold Surrender Order in 1933 and subsequently melted down. Of the few that survived, so few were used in everyday commerce that circulated examples are significantly scarcer than Mint State specimens. Despite this, most of these uncirculated coins are found predominantly at the lower end of the scale up through Choice Mint State, and of these, most are bagmarked or otherwise abraded from being jostled about in heavy bags from one bank vault to another. The 1929 half eagle has long been recognized as the principal rarity in the entire series and has captivated dedicated collectors of Bela Lyon Pratts evocative design for generations. David Akers noted nearly 40 years ago that, If anything exists that is better than MS-65 I have not seen or heard of it. Today, this situation remains as true as it was then; not a single specimen has since surpassed the Gem Mint State level. The Norweb specimen here is a far superior example than most and within a hairs breadth of reaching the pinnacle, as confirmed by CAC. Coins at this level are likely rarer than the population figures might indicate, as they seem to indicate that there have been a few resubmissions trying to crack through the MS-65 barrier. With its illustrious pedigree and substantial eye appeal, it is difficult to imagine locating a finer example of this challenging issue.From the E.S.S. Collection. Earlier from our (Bowers and Merenas) sale of the Norweb Collection, Part I, October 1987, lot 999; Earlier ex New Netherlands Coin Company, February 14, 1953.
