1795 $5 Small Eagle, S Over D, BD-6, R.5 AU55 PCGS....

Description

1795 Capped Bust Right Half Eagle, AU55
Small Eagle, S Over D, BD-6
Sought-After Guide Book Variety

1795 $5 Small Eagle, S Over D, BD-6, R.5 AU55 PCGS. Bass-Dannreuther Die State b/c. Although gold coinage was authorized by the Mint Act of 1792, the United States Mint only began striking gold coins in 1795. The Mint Act required some Mint personnel to post exorbitant security bonds before precious-metal coinage could begin and it was always difficult to procure an adequate supply of gold bullion for coinage purposes in the early years. Fortunately, Congress was able to reduce the security requirements to more reasonable levels and a small, but adequate, supply of bullion was longhand by 1795. Accordingly, the Mint began striking half eagles in the summer of 1795, with the first 744 coins delivered on July 31.

According to Mint records, a small production of 8,707 Capped Bust Right half eagles was accomplished that year, but it is virtually certain that some more 1795-dated coins were struck in later years, as the Mint continued using coinage dies as long as they were serviceable in those early times, regardless of calendar year. Twelve die varieties are known for the 1795 half eagle, with the Small Eagle reverse. Another three rare varieties are known with the Heraldic Eagle reverse, but those coins were likely struck later, around 1797 or 1798, using leftover obverse dies from 1795. The present coin represents the scarce BD-6 variety, with a wide date and the 1 distant from the curl on the obverse. The reverse die features a curious blunder, with the second S in STATES clearly punched over a D. Both dies show several spikes from the dentils, probably caused by slips of an engraving tool, with the longest spikes on the reverse. John Dannreuther estimates the BD-6 dies were used to strike 1,000 to 1,500 coins before they failed. This was the only use of the obverse die, but the reverse was used previously to strike the extremely rare BD-5 variety of this date. Probably no more than 60 to 80 BD-6 half eagles survive today in all grades.

The coin offered here is an attractive Choice AU specimen, with only a touch of wear on the strongly impressed design elements. Much interior detail remains intact in Liberty's hair and the feathers on the eagle's wings. The pleasing orange-gold surfaces are lightly abraded throughout. Traces of original mint luster cling to the devices and overall eye appeal is strong. Population (both S Over D varieties): 5 in 55 (1 in 55+), 10 finer (7/25).
From The Costa Family Collection, Part I.

Coin Index Numbers: (NGC ID# 25ND, Variety PCGS# 519855, Base PCGS# 8066, Greysheet# 198174)

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.

View all of [The Costa Family Collection, Part I ]

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