1795 $5 Small Eagle MS(PCGS#8066)

Summer 2025 Global Showcase Auction U.S. Coins

Auktionator

Stack's Bowers

Losnummer

3287

Erhaltungsgrad

MS63+

Preis

144.000

Losbeschreibung

BD Die State b/a. Bathed in a bright wheat-gold color, the fields flash with subtle reflectivity that contrasts with frosty motifs. 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 breast and left leg feathers. An impressively well defined and considerably attractive example that is sure to please even the most discerning numismatist.<p>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.<p>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.<p>John W. Dannreuther (<em>Early U.S. Gold Coin Varieties: A Study of Die States, 1795-1834</em>, 2006) provides an estimated mintage of 750 to 1,500 coins for the 1795 BD-1 half eagle. Survivors are elusive, as is the case for all pre-1834 U.S. gold coin issues, with the author accounting for only 40 to 50 pieces in all grades. That offered here is certainly among the very finest certified and will be a highlight in any cabinet in which it is included.