Auction Name: 2026 March 26 - 28 US Coins Signature® Auction

Lot Number: 3169

Shortcut to Lot: HA.com/1391*3169

1796/5 $5 BD-1, High R.4, MS64 NGC. Bass-Dannreuther Die State a/b. The obverse die shows no evidence of the late state crack that John Dannreuther describes from the border below the 9 to the bottom of the 6. The reverse shows die lapping among leaves in the wreath. This is the usual die state for the elusive 1796 half eagles.

John W. Dannreuther suggests that the mintage of 1796-dated half eagles was between 1,057 and 2,000 coins, although that is uncertain. He further estimates that between 80 and 100 examples survive in all grades, a seemingly accurate figure. Mint records show a production of 18,512 half eagles between July 31, 1795 and August 28, 1797. Comparing mintage figures and estimated rarity rating for each variety, all half eagles minted in 1795 and 1796, a total of 14,903 coins, were likely dated 1795, while 2,219 half eagles struck between January 14 and May 2, 1797 were dated 1796, and the 1,390 struck between June 7 and August 28, 1797 were coins dated 1797.

This outstanding 1796 half eagle is two grade points finer than any other example that we have offered and ranks as the finest that has appeared in auction. We have no details of the sole MS65 certified piece reported below. Both sides feature highly lustrous and reflective honey-gold surfaces with reflective fields and a hint of cameo contrast. Trivial handling marks are evident on this sharply defined example with no evidence of the often-seen adjustment marks on the obverse and reverse.

Although the NGC Census indicates one finer example graded MS65, and two others equal to this example, it is our opinion that the piece offered here is the finest or second finest known. Our own census of top pieces appears below. NGC Census: 3 in 64, 1 finer (1/26).

MS65 NGC. Reported in the NGC Census.
MS64 NGC. John Whitney Walter (Mr. 1796) Collection (Stack's, 5/1999), lot 1794; Bowers and Merena (7/2002), lot 769; Stack's (6/2008), lot 2055; U.S. Coins Signature (Heritage, 10/2025), lot 3117, realized $252,000. The present specimen.
MS63 NGC Rick Springfield Collection (Stack's Bowers, 8/2025), lot 2014.
MS63 NGC. Guttag Brothers (11/1926); B. Max Mehl (6/1936), lot 455; Floyd Starr (Stack's, 10/1992), lot 1195; American Numismatic Rarities (3/2006), lot 1554.
MS62+ PCGS. Long Beach Sale (Paramount, 1974), lot 638; R.E. Naftzger, Jr. (Paramount, 1981 FPL); Auction '82 (Paramount, 8/1982), lot 1924; D. Brent Pogue Collection (Stack's Bowers, 9/2015), lot 2071.
MS62 PCGS. Superior (8/2004), lot 977.
MS62 NGC. Goldberg Auctions (2/2007), lot 2237.
MS62 NGC. Long Beach Connoisseur (Bowers and Merena, 8/1999), lot 730; Goldberg Auctions (2/2002), lot 1936; Goldberg Auctions (2/2003), lot 1990.
MS62 PCGS. Elmer S. Sears (1909); John H. Clapp; Clapp Estate (1942); Louis E. Eliasberg, Sr.; Eliasberg Estate (Bowers and Ruddy, 10/1982), lot 327; Pittsburgh Signature (Heritage, 10/2011), lot 4856; McCoy Family Collection of U.S. Early Gold (Heritage, 10/2018), lot 4336; Legend Rare Coin Auctions (12/2021), lot 272.
MS61 PCGS. Abner Kreisberg Sale (9/1971), lot 1014; Harry W. Bass, Jr. Core Collection/FUN Signature (Heritage, 1/2023), lot 9020.

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