1838-C Classic Head Half Eagle. HM-1, Winter-1. Rarity-4+. AU-58 (PCGS). <strong>Die Variety: </strong>HM-1. Obverse 1: The only obverse die of the 1838-C half eagle issue, with a tall 1 and block 8s in the date. The C mintmark is positioned above the left side of the digit 3. Reverse P: The two highest leaves in the branch extend beyond the letter U in UNITED toward the adjacent N. This feature is sufficient to distinguish this die from the only other reverse of the issue. Reverse P appears in no other pairings in the half eagle series.<p><strong>Die Emission Sequence: </strong>The HM-1 is believed to have been the second die marriage struck for the 1838-C half eagle, with coinage continuing into 1839, specifically from February 19 through April 16 of that year.<p><strong>Die State: </strong>No Berry. The reverse die has been severely lapped, obliterating the berry and weakening much of the detail throughout the eagle. This is the later state of the 1838-C HM-1 attribution, representing approximately two-thirds of surviving examples.<p><strong>Estimated Surviving Population for the Variety:</strong> 112 coins in all grades (per Daryl J. Haynor, 2020), or 64% of extant 1838-C Classic Head half eagles.<p><strong>Strike: </strong>Indicative of the rustic conditions that prevailed at this southern branch mint and the consequent challenges faced in coinage operations, this 1838-C HM-1 $5 shows considerable areas of softness. Most obverse stars are blunt and lack radial lines, while on the reverse the ends of the eagles wings are soft, especially at the viewers right. On the other hand, the rest of the eagles plumage is crisply delineated (where allowed by die state), and Libertys portrait is sharp with good separation between the individual strands of hair.<p><strong>Surfaces: </strong>Semi-prooflike surfaces retain nearly complete mint finish which, when combined with the virtual lack of rub, suggest that this coin was set aside before seeing actual commercial use. Both sides are noticeably abraded, however, with light scuffing more prevalent on the obverse. On the reverse, a concentration of hairlines is seen in the area of the denomination. Additionally, there is some reddish-russet build up within the protected areas of Libertys portrait and, to a lesser extent, the eagles plumage, as well as in isolated peripheral areas on both sides. The integrity of the planchet is not compromised, however, and the overall quality and eye appeal are exceptional for the issue.<p><strong>Commentary: </strong>This is the more obtainable die marriage of the key date 1838-C half eagle, and by a factor of two. Still, survivors of the issue are scarce in an absolute sense, while those in or near Mint State preservation are exceedingly rare. Daryl J. Haynor (2020) ranks this coin #6 in his list of finest knowns for the 1838-C as a whole, where it is highest graded example of the HM-1 No Berry die state. Essentially Uncirculated, as above, our offering of this Condition Census rarity represents a significant bidding opportunity for both advanced Southern gold enthusiasts and specialists in the underappreciated Classic Head half eagle series. PCGS# 765254. NGC ID: 25S5. PCGS Population (both die marriages of the issue): 4; 2 finer (MS-63+ finest). From the Daryl J. Haynor Virginian Collection. Earlier ex Heritages sale of the Carolina Circle Collection, January 2008 FUN Signature Auction, lot 3162; private investor, via Doug Winter, December 2013. The plate coin for the 1838-C HM-1 variety in the 2020 Haynor reference on Classic Gold coinage.
