1795 $5 Small Eagle, S over D MS(PCGS#88066)

Summer 2025 Global Showcase Auction U.S. Coins

Auctioneer

Stack's Bowers

Lot Number

3159

Grade

AU58+

Price

72,000

Lot Description

A splendid example of type at the threshold of Mint State preservation, and a highly desirable representative of an intriguing die pairing in the early half eagle series. Rich honey-gold color throughout, both sides are enhanced by blended reddish-rose highlights. The strike is ideally centered and sharply executed, with only the barest trace of friction precluding a full Uncirculated grade. Much frosty luster persists, as well, and closer inspection reveals glints of semi-reflectivity in the protected areas around the peripheral design elements. A shallow planchet void in the obverse field at Liberty's chin is as made and serves as a useful identifier; there are no post-production marks or other blemishes of note. CMQ approval was assured for this beautiful, premium quality early half eagle. BD Die State b/c.<p>Of the 12 die pairings known for the first year 1795 Small Eagle $5, BD-5 and BD-6 share what is easily the most readily attributable reverse of the issue. It is a blundered die with the second S in STATES punched over an erroneous D, the latter representing a dramatic error on the part of the engraver. In later decades such a blunder would have precluded the die from being used in coinage, but the early U.S. Mint was so short on high-quality die steel (along with other equipment) that this die was pressed into service nonetheless. It proved hardy enough by the standards of the era, striking 1,300 to 2,100 coins in two pairings (this estimate per John W. Dannreuther, 2006). BD-5 is the earlier of these varieties, and it is a major numismatic rarity with an estimated mintage of 300 to 600 coins and just eight to 12 specimens extant. Although a terminal state is not yet known for that die, the obverse of BD-5 must have broken up early to preclude a longer press run. A new obverse die was mated with the blundered reverse to create the BD-6 pairing which, with 60 to 80 coins believed known, is plentiful enough by early half eagle standards that many collectors can acquire an example of the S/D variety. We stress, however, that few survivors are as nice as that offered here, a Condition Census example of both the variety and die pairing that would serve as a highlight in the finest specialized early gold cabinet.