1795 $5 Small Eagle, BD-3, High R.3, MS61 PCGS....

Description

1795 Small Eagle Half Eagle, BD-3, MS61
Scarce and Complex First Year of Issue

1795 $5 Small Eagle, BD-3, High R.3, MS61 PCGS. Bass-Dannreuther Die State c/b. Attractive yellow-gold and green-gold surfaces create a wonderful, original patina. Some silver highlights occur on the high points, which exhibit some weakness, and the same is true of the eagle's breast feathers and head on the reverse. Several light abrasions are present in front of the chin, as well as a couple of light marks underneath the reverse wreath. The more prominent reverse scratches, however, only appear on the holder.

While only 8,707 half eagles were made in calendar year 1795, obverse dies bearing this date continued to be used long after the year was over. The Bass-Dannreuther reference notes this specifically for BD-7 and BD-8, inferring that all subsequent Small Eagle die marriages (BD-9 through BD-12) were made in later years as well. However, not even this production exhausted the obverse dies used for these die marriages, as three out of the four were pressed into service again after the Heraldic Eagle reverse was introduced in mid-1797, creating BD-13 through BD-15. To be fair, two of these three die marriages are unique, however. The reverse dies of this year also had nine lives, as one of them, used on BD-8, was the last Small Eagle reverse standing in 1798, and thus was selected for the famed Small Eagle variety of that year was coined.

Looking at the year as a whole, the Small Eagle issue is smattered with rare die marriages, containing three R.7s and two R.6s out of a total of twelve die marriages. Thankfully, one die marriage survives in significant enough numbers to provide some availability to collectors, the present BD-3, with an estimated 175 to 225 coins known, according to Bass-Dannreuther. Despite this relative availability, this coin's status as the first year of production for the half eagle denomination as well as the most available issue of the scarce Small Eagle type ensures strong demand.

Further solidifying strong demand for the present example is its position near the top of the list of surviving examples for the year. Among examples certified as BD-3, the present piece represents the only certification at the 61 level at PCGS, with just two finer (6/25). Looking at 1795 Small Eagle half eagles overall, which likely includes many examples of this variety, just 51 certifications have warranted higher grades out of a total of 375. Furthermore, resubmissions are likely to overstate the number of coins at the high-end of the scale due to the much larger financial upsides of obtaining a one-point upgrade on a Mint State coin. Any way you slice it, the present offering is a beautiful coin and one of the finest available.
From The Cleveland Lake Collection.

Coin Index Numbers: (NGC ID# 25ND, Variety PCGS# 519852, Base PCGS# 8066, Greysheet# 198165)

Weight: 8.75 grams

Metal: 91.67% Gold, 8.33% Copper

Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.

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