Auction Name: 2026 January 8 US Coins Signature Auction - FUN Special Sessions: Ellsworth & Jacobson

Lot Number: 1006

Shortcut to Lot: HA.com/1389*1006

1795 $5 Small Eagle, BD-12, High R.6, AU58 NGC. HBJ-206. Scattered marks appear on the reflective light yellow-gold surfaces of this nicely detailed near-Mint example. Slight central weakness is typical of most Small Eagle coins.
Variety Equivalents: Adams-7, Mabbott-15, Breen 8-I, Hilt 8-I, Miller-12, Bass-3043.
Obverse Die: The obverse is unique to this variety.
Reverse Die: The reverse was reused for the 1796 BD-1 half eagles.
Bass-Dannreuther Die State a/a: There are no die cracks or clash marks evident on either side, although both sides show slight evidence of die lapping.
Significant Examples: This die combination is elusive with about 15 or 16 examples known in all grades. The Jacobson example is one of the finest survivors from these dies, although we are unable to match this example with others in our records. The AU58 PCGS Bass Core Collection coin that we sold in August 2023 and again last January, a similarly graded AU58 PCGS example that we sold in 2008, and the present piece graded AU58 NGC are tied for the finest known. Beyond those three top examples, we have records of four numerically graded AU examples, two others with AU Details, five pieces that grade XF, and two former jewelry coins. There is certainly the possibility that a few others exist that are unplated in past auction catalogs, or like the Jacobson coin, have not appeared in previous auction events.
Breen (1966): Breen identified this variety as 8-I in his monograph and mentioned the opinion of R.W. Julian that coinage ended when all available dies were broken while noting that that was not the case. He then added his own speculation, writing that the coinage ended "because dies were finally ready for coinage of ten-dollar pieces and the Director wanted to begin issuing the larger denomination. This explanation will do in the absence of any better one." It is known as the "Apostrophe" variety for the recutting that is evident between the tops of the B and E in LIBERTY. Breen knew of just two examples when he compiled "Early United States Half Eagles 1795-1838" that the Hewitt Brothers published in 1966. He identified "Miami-FUN 4154 and Melish 1833" in his monograph.

Following his 1966 monograph, Breen compiled an undated "New Varieties" work later in the 1960s that was essentially an "errata sheet" for his earlier work. After reporting two examples in the 1966 monograph, he wrote afterward: "A second is reliably reported but the variety remains R-8."
Bass-Dannreuther (2006): Dannreuther estimates a mintage of 400 to 800 coins, writing: "This pairing and some of the other 12 varieties of 1795 Small Eagle coins likely were produced in 1796, as the 1796 reported mintage of 6,196 is much too high in relation to the rarity of the single 1796 issue. As noted, we do not know how many of each variety were minted nor when; the number in existence is our main clue to the mintage estimates contained herein."
Heritage Commentary: This is a favorite variety of the cataloger for its blundered obverse and transitional reverse that reappeared on the 1796/5 BD-1 half eagles. Nearly the entire left side of a misplaced letter is visible between the B and E of LIBERTY. The unanswered question is: what letter? The logical answer is a misplaced E that was corrected during engraving. But why not a misplaced L, I, B, or R? The I in LIBERTY is also recut along its left side.
Doug Winter Commentary: An impressive naked-eye variety that is a candidate for inclusion in an early gold set which was populated by visually stimulating "goofs" like this. Rare and high in the Condition Census for the variety.
Provenance: Recorded in our roster.

A Roster of Significant 1795 BD-12 half eagles provided by Ron Guth of the Numismatic Detective Agency with additional contributions from Mark Borckardt:
1. AU58 PCGS. Dan Messer, sold privately on 8/14/1971; Harry W. Bass, Jr. Core Collection (Heritage, 8/2023), lot 9029.
2. AU58 PCGS CAC. FUN Sale (Federal Brand, 1/1963), lot 4154, $2,750; NASCA 17th Annual Convention (RARCOA, 2/1972), lot 852, $3,500; FUN Signature (Heritage, 1/2008), lot 3132, $63,250; Regency Auction 39 (Legend Rare Coin Auctions, 7/2020), lot 495, $76,375.  This coin did not appear in the 1962 FUN Sale (Federal Coin Exchange) as has been suggested in the past.
3. AU58 NGC. Harvey B. Jacobson, Jr., purchased privately on March 16, 2006. The present specimen.
4. AU55 NGC. Long Beach Signature (Heritage, 6/2000), lot 6486, $14,950; Atlanta Signature (Heritage, 8/2001), lot 7752, $14,375; FUN Signature (Heritage, 1/2002), lot 8087, $13,800.
5. AU53 PCGS. Elbert Henry Gary Collection, Part II (Heritage, 8/2016), lot 4277, $38,775.
6. AU53 PCGS. Dennis Ridings Collection (Heritage, 2/2003), lot 8194, $20,988.
7. AU50 PCGS OGH. Long Beach Signature (Heritage, 6/2010), lot 1601, $41,688; Charles McNutt Collection (Heritage, 1/2019), lot 4654, $40,800.
8. AU Details -- Obverse Graffiti -- NGC. Baltimore Rarities Night (Stack's Bowers, 10/2018), lot 2123, not sold.
9. AU Details -- Mount Removed -- NGC. Dr. Paul Balter Collection (Heritage, 1/2023), lot 4117, $21,600.
10. XF40 PCGS CAC. Hutchinson Collection, Part II (Heritage, 4/2017), lot 4223, $36,425.
From The Harvey B. Jacobson, Jr. Collection of Early Half Eagles.

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