1867-S $5 Gold Coin Found in Texas Closet Becomes Finest Known Example

A rare 1867-S $5 gold coin found in a closet in Texas has turned out to be the finest example ever graded by PCGS. The Liberty Head Half Eagle was sitting in a cigar box inside a green milk crate when it was discovered during the liquidation of an estate in Buda, Texas. After being submitted to PCGS, the coin received a grade of MS63, making it the highest-graded 1867-S Half Eagle in the company’s population.

The coin was found by Michael Precht, who was helping the family go through the estate. The cigar box contained the gold coin along with a number of older silver coins. According to PCGS, the family believes the collection may have been passed down through several generations before eventually ending up in Texas.

Precht initially took the coins home and did not think much about them for several months. He later brought them to a coin shop in Fort Worth, where the 1867-S Half Eagle caught the dealer’s attention and was eventually sent in for grading.

The result was far better than anyone expected. PCGS graded the coin MS63. Before this discovery, the finest example known to the company was graded MS61.

The 1867-S Half Eagle had an original mintage of 29,000 coins, but PCGS estimates only about 75 survive today in all grades. That makes any example difficult to find, and an uncirculated coin at the top of the population is considerably tougher. The previous finest-known MS61 example carries a PCGS Price Guide value of $85,000. PCGS has not yet placed a value on the newly discovered MS63 because there has never been another example at that grade.

Collectors will soon get a better idea of what the market thinks it is worth. The family has decided to sell the coin, and Heritage Auctions will offer it during its October 7-9 GACC Signature Auction. According to PCGS, it will be the coin’s first appearance at public auction.