1875 Liberty Head Half Eagle. AU-53 (PCGS). CAC. This is a remarkably appealing example of this extremely rare and challenging issue, originally preserved in deep olive-gold and honey-orange colors. Faint remnants of original satin to modestly semi-reflective luster are seen and not even close inspection reveals a singularly mentionable abrasion. Ample sharpness of detail from a well executed strike rounds out the impressive list of attributes for this legendary half eagle rarity.<p>The 1875 Liberty Head half eagle has the lowest mintage of any issue in its series with a scant 200 pieces struck for circulation. This extremely small production surpasses even the 1854-S half eagle mintage of 268 pieces struck. However, the 1854-S has only three examples known and thus it nudges out the 1875 Philadelphia issue as the rarest date and mint to obtain for this popular series. As any experienced collector knows, the mintage figure is only a starting point when it comes to gold coinage. The vagaries of time and attrition, as well as the vast numbers melted, play an important roll in the survival of so many of Liberty Head issues of all denominations.<p>Gold coinage production from American mints was generally much lower after the Civil War began, but continued in fits and starts until 1879, when the paper greenbacks that had been used to help finance that War once again traded at par with gold coins (paper money had traded at a discount to gold since 1861). Thus, most of the gold coins produced during the late 1860s, and until the end of the 1870s, saw little circulation during this period. Today, it is clear that the majority were melted in the coming generations, judging by the tiny fraction which remains from the mintages of this era.<p>From this meager issue of 200 pieces there are perhaps just nine or ten individual 1875 half eagles known today. The Hendricks example is among the finest seen by PCGS and it is an exceptional rarity among United States gold coins. The year 1875 produced several famous gold rarities as circulation strike production at the Philadelphia Mint fell to dismal lows on all denominations except the double eagle -- lows unseen before or after that date. The gold dollar and quarter eagle each saw only 400 pieces coined, and three-dollar gold coins were only struck in Proof format with no circulation strikes made at all. Liberty Head eagles had a token mintage of 100 pieces struck for commerce, while Liberty Head double eagles, reflecting the insatiable needs of banking and international commerce, were plentiful with 295,700 produced.<p>Among circulation strike 1875 half eagles, the grades range from EF to AU -- the issue is unknown in Mint State. This example is one of the finest known. Perhaps as many as five others roughly merit the same grade level with a few others showing slightly more circulation. Critically, it is one of the two finest certified examples with CAC approval. This issue is actually more available -- for a price -- in Proof format which offers a total of 20 pieces struck. More of the Proof coins survived than the circulation strikes. Clearly, any 1875 half eagle is truly rare, and these are seldom offered even when major collections are sold. Eliasberg obtained a Proof example of this date and mint, but the Norwebs never obtained one. The Harry W. Bass, Jr. example offers the same grade as the present example, but it is a different specimen. Needless to say, few collectors will ever have a chance to see an example of this date and mint, let alone obtain one. This 1875 Liberty Head half eagle is a landmark offering from the Hendricks Set and will be a major highlight in its next collection. From the Fairmont Collection-Hendricks Set.
