1820 $5 Curl Base 2, Small Letters (Regular Strike)

P. Scott Rubin: The 1820 Curl Base 2, Small Letter Reverse Half Eagle is one of three varieties of 1820 Half Eagles and appears to be the rarest of the three. The other two are the 1820 Curl Base 2, Large Letter Reverse and the 1820 Square Base 2 Half Eagles. While the 1820 Square Base 2 is the most common of the varieties it has been estimated that both varieties of the 1820 Curl Base 2’s are of equal rarity. However in recent years -- at least during the 21st Century -- more of the 1820 Curl Base 2, Large Letter Reverses have appeared at auction than the 1820 Curl Base 2, Small Letter Reverse variety by more than two to one.

In the February 2016 Sotheby’s/Stack’s-Bowers auction of the D. Brent Pogue auction part III, three 1820 Curl Base 2 Half eagles were offered, two were Large Letter Reverse examples and one was a Small Letter Reverse. Both Large Letter coins were graded MS-65+ by PCGS while the Small Letter coin was graded MS-66+ and the Small Letter coin realized $282,000 while each of the Large Letter 1820 coins brought $188,000 also the 1820 Square Base 2 Half Eagle graded MS-65+ by PCGS in the same sale realized $129,250.

Ron Guth:

1820 Half Eagles are made up of the following Bass-Dannreuther varieties:

1820 Square Base 2, Large Letters: BD-1, BD-2, BD-3, BD-4 1820 Curved Base 2, Large Letters: BD-5, BD-7, BD-9 1820 Curved Base 2, Small Letters: BD-6, BD-8

David Akers (1975/88):

As a date, the 1820 is one of the more "common" dates of this type. However, it is much more rare than the 1813, and slightly more rare than the 1814/3 and 1818. The Curved Base 2 and Square Base 2 varieties of 1820 are of comparable rarity but when the Curved Base 2 variety is broken down to Small Letters and Large Letters varieties, each becomes more rare than the Square Base 2 variety which only comes with Large Letters on the reverse. The Large Letters and Small Letters varieties of the 1820 Curved Base 2 are of approximate equal rarity and actually none of the three varieties of 1820 is likely to realize a premium over the other two in similar condition. Most known specimens of the 1820 Curved Base 2, Small Letters are quite high grade, AU or Unc. being the grades typically available. The Small Letters variety is easily distinguishable from the Large Letters variety by examining the word STATES. On both the Small Letters variety all the letters are of equal height while on the Large Letters variety, both ot the T's appear larger than the other letters.