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Lot: 3575
Auction: 1116   		1795 $5 Small Eagle MS62 NGC....
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Ended: Sep 18, 2008
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Buyer's Premium: 15% of the successful bid (minimum $9.00 per lot)
Description
Historic 1795 Small Eagle Five Dollar, BD-1, MS62
Likely the First U.S. Gold Coin Variety


1795 $5 Small Eagle MS62 NGC. Breen-6412, BD-1, R.5. This coin is of immense historical importance. Not only is it a high-grade specimen of the first U.S. gold coinage, it is an odds-on favorite as the first of the 12 different varieties of 1795 Small Eagle struck.
Even though the Philadelphia Mint was established in 1793 and struck copper half cents and cents during its first calendar year--the latter in three different styles--the Mint Act of 1792 set an onerous requirement that the treasurer, chief coiner, and assayer each post surety bonds in the amount of $10,000 before coinage of the precious metals, gold and silver, could commence. Congress in 1794 lowered the requirements to $5,000 for the chief coiner and to $1,000 for the assayer, and those lower bonds were paid. But the Mint in its early years (until 1837) had no bullion fund of its own. It produced gold and silver coinage only on demand for depositors of bullion (or foreign coins, also considered just so much bullion). It was late in 1794 before silver dollars were produced on a coinage press of sufficient size. The first deposit of gold for coinage was on July 21, 1795. Accordingly, on July 31 of that year, Warrant 1 was for the production of 744 half eagles, of course dated 1795 and using the Capped Bust to right, Small Eagle motif of designer Robert Scot.
The Bass-Dannreuther early gold reference asserts Harry Bass Jr.'s belief that the BD-1 variety of the present example, included in (or possibly all of) that first delivery of half eagles, signifies the first gold coins produced by the Mint of the United States. In the early days of the Mint, the coinage personnel had not yet learned how to properly harden dies; many of them cracked within a short time after entering production. And dies were used until they failed, regardless of the date they bore.
It took eight obverse dies and nine reverse dies to produce those 12 known varieties of 1795 Small Eagle. A good number of them may have been produced in 1796; the reported mintage of 6,196 half eagles is too high for the single die pairing known for 1796.
The BD-1 die pairing has several characteristics that lead one to reasonably believe it could be the first variety struck, including a wide date, four berries on the reverse (two inside the wreath, two outside), and of course the Small Eagle reverse that later in the year was supplanted by the Large Eagle varieties (BD-12 through BD-15). On the obverse the flag of the 5 in the date is embedded in Liberty's lower drapery, while a point of star 15 is into the front of the bustline. Star 11 is clearly separated from the Y in LIBERTY, and BERTY is repunched. Bass-Dannreuther notes, "Rust on both dies may be due to the delay in striking gold coins, noted elsewhere, due to the high bonds that had to be reduced and posted by three Mint officials."
On this piece the die rust is prominent (although, of course, not grade-affecting) in the lower and rear hair curls, the lower drapery, and the left (facing) field on the obverse, and on the reverse as a small patch of roughness above and right of the F in OF. A loupe also reveals a few light, scattered contact marks that account for the grade, although only a thin scrape behind Liberty's head, near the cap tip, requires mention. The yellow-gold surfaces reveal considerable field reflectivity and frosted devices, yielding a moderate prooflike effect. The eye appeal of this coin is every bit as high as its historical importance.
From The Laredo Collection.(Registry values: P5) (#8066) View Entire Collection.

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Auction Name: 2008 September Long Beach, CA US Coin Signature Auction #1116
Description: Heritage Numismatic Auctions offers U.S. and World coins, medals, and tokens in our Signature Auctions & Final Session Sales, held in conjunction with some of the largest numismatic conventions. These sales feature award-winning cataloging and photography. Call or e-mail one of our Consignment Directors to learn about selling through Heritage.
Auction Type: Signature: !! Heritage Live: After Internet bidding closes, live bidding will take place through www.HA.com/Live. Your secret maximum bid placed prior to the live event will compete against the live bids. To maximize your chances of winning, enter realistic secret maximum bids on our site. Many of our proxy bidders are successful at winning lots in these auctions, and usually below their secret maximum. You can also place last minute bids directly with us by e-mailing Bid@HA.com or calling 1-866-835-3243. (Important note: Due to software and Internet latency, live bids may not register in time, so enter realistic proxy bids.)

This lot is in:  Signature Floor Session (Live Floor, Live Phone, Mail, Fax, Internet, and Heritage Live) (lots 1-4546)
Internet bidding ends at 10:00PM CT the night before the floor session for this lot. During the live auction event, bidding in person is encouraged, and Heritage Live includes streaming audio and often video during the event.

Item Activity: 4 Internet/mail bidders, 978 page views



Previous Prices from Heritage Auctions
Lot Date Grade Service Realized
Auction 414, Lot 5472 Monday, August 14, 2006 62 NGC $86,250.00
Auction 324, Lot 6576 Saturday, May 31, 2003 62 NGC $40,250.00
Auction 414, Lot 5471 Monday, August 14, 2006 62 PCGS $149,500.00
Auction 404, Lot 2611 Saturday, April 29, 2006 62 PCGS $92,000.00
Auction 398, Lot 1298 Wednesday, December 14, 2005 62 PCGS $80,500.00
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PLEASE NOTE: All prices realized reflect the final hammer price PLUS the buyer's premium in auctions that charge a buyer's premium. Each item has a notation at the top of the listing indicating whether that lot included a buyer's premium. Example: A item that sells with a final hammer price of $100 and a 15% buyer's premium will display with a price realized of $115. All information listed is intended to be as accurate as possible, but errors are possible. Please use this guide carefully and inform us of any inaccuracies.

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