1929 $5 MS 65

  • $130,000.00


PCGS No: 8533
Type: Indian $5
Year: 1929-P
Denomination: $5
Category: Indian $5 (1908-1929)
Grade: MS 65
Certificate Number: 35288347

Description

One of the finest known of this all-time classic gold rarity! The $5 Indian was minted between 1908 and 1916, and then none were minted until 1929. Though the economy was robust for most of the 1920’s, the $5 gold piece was not used much in commerce and wasn’t very popular. Hence there were no $5 gold pieces minted between 1917 and 1928. For reasons that are unclear, the Philadelphia Mint did strike $5 gold pieces in 1929. It was a strange time as the economy started dipping in August, 1929 and the stock market crashed in October, 1929, signaling the start of the Great Depression. As one might expect, there was little use for the new $5 gold pieces and most of those struck were not sent to struggling banks, but rather languished in U.S. Treasury vaults. When gold ownership by U.S. citizens was made illegal in 1933, most of the 1929 $5 gold pieces were melted. Today, survivors are rare and among the most coveted of 20th Century United States gold coins. The 1929 $5 Indian has been a key 20th Century gold rarity since the day of its first auction appearance in 1935. This is a valuable coin in all grades and an extreme rarity in Gem condition. In fact, in 32 years, PCGS has only graded eleven examples MS65 (i.e. one every three years or so) and none have ever been graded higher. This fabulous Gem has super clean mark-free surfaces. The strike is outstanding and the luster is rich and original. This is one of the finest examples we have ever seen