Endearing Mint State 1795 Small Eagle $5
Historic First Year of Issue
1795 Capped Bust Right Half Eagle. Small Eagle. BD-3. Rarity-3+. MS-63 PL (NGC).
Bathed in a warm honey-orange color, the fields shimmer with strong reflectivity that explains the rare (for the type) and desirable PL designation from NGC. The devices are softly frosted in finish and, when contrasted with the fields, provide an appreciable cameo effect. Unlike many half eagles of the period, the surfaces are blissfully free of sizeable or otherwise singularly distracting marks, and there is also no sign of Mint-made adjustment. The striking detail is crisper than what is typically seen with early half eagles, with just a hint of softness on the eagle's neck, breast, and left leg feathers. An impressively well defined and considerably attractive example that is sure to please even the most discerning numismatist. BD Die State c/b. As part of the Act of April 2, 1792, establishing the United States Mint and defining the nation's monetary system, gold coins in $2 1/2, $5, and $10 denominations were also authorized. Part of the law also instituted a requirement that the treasurer, chief coiner, and assayer must post a personal surety bond of $10,000 each before they could produce gold and silver coins. By any definition, this was an enormous sum of money for the era which could not be met. Consequently, the first coins struck at the newly opened Philadelphia Mint were half cents and large cents. Realizing the difficulties in coming up with the surety bonds, Congress reduced the requirements enough so that the production of silver coinage could commence. It would not be until 1795 that there was enough gold bullion on hand to begin production of gold coins, three years after the authorizing act was passed. The work of designing and engraving the new denominations fell to Robert Scot after Joseph Wright's term as engraver was cut short when he died in one of the annual yellow fever epidemics that plagued Philadelphia. The obverse of all three gold denominations bear a representation of Liberty facing right flanked by stars while wearing a cloth freedman's cap, with the legend LIBERTY above and the date below. The reverse features a delicate small eagle with spread wings holding a wreath in its beak while clutching a palm frond in its talons. The first delivery of the nation's first gold coins took place on July 31, 1795, when 744 half eagles were transferred to the treasurer by the chief coiner. As is often the case, there were some growing pains at the new mint, in particular with extending die life. The Bass-Dannreuther reference has identified eight obverse dies dated 1795 and nine reverse dies used in 12 separate combinations. Die reuse in the early days of the Mint was prevalent; a die would be kept in service until failure often regardless of the date engraved on it. While Mint records indicate that 8,707 half eagles were struck in calendar year 1795, it is widely believed that many more were actually struck bearing the 1795 date, possibly as many as 12,106 pieces. This was common practice in the early United States Mint, often making annual mintage figures a poor indicator of the actual number of coins struck for many issues. With this modest beginning, the half eagle entered circulation and quickly became popular in commerce, rapidly becoming the workhorse gold denomination in preference over the eagle and half eagle. The BD-3 variety is the most available of the known die marriages of the 1795 Small Eagle $5. Some 2,000 to 3,000 coins are believed to have been struck using this die pair. That said, the mass meltings of gold coins that took place in the 1820s and 1830s took their toll on the issue, leaving a mere 200 or so specimens, primarily at the AU level. Interest in the 1795 half eagle is almost as old as numismatics in America beginning in the 1850s when Philadelphia collector and dealer J. Colvin Randall first described the different die varieties of the issue. Ever since then, the 1795 has remained in the forethought of both early gold connoisseurs and type collectors. Conditionally challenging in Mint State, the population figures no doubt include resubmissions, somewhat inflating the number of Uncirculated examples extant. Scarce from an absolute standpoint and especially desirable as one of the nation's first gold coins, a Mint State 1795 Small Eagle $5 with the strong eye appeal that defines this Prooflike specimen is bound to attract spirited bidding from all angles. Plan your strategy accordingly.
PCGS# 8066. NGC ID: 25ND.
NGC Census: 3; 2 finer in this category (MS-65 PL). NGC reports only seven grading events in the PL category.
From the Cold Spring Harbor Type Set.