1795 $5 Small Eagle, BD-4, R.5, MS64 PCGS....

Description

1795 Small Eagle Five Dollar, MS64
Single Finest BD-4 Example by Two Points
Among the First Gold Coins Struck

1795 $5 Small Eagle, BD-4, R.5, MS64 PCGS. Ex: Harry W. Bass, Jr. Collection. Bass-Dannreuther Die State c/a. The gold half eagles coined in 1795 represent the first of their kind ever manufactured for circulation by the United States Mint. The five dollar denomination was authorized by the passage of the Mint Act of April 2, 1792, but it was not until three years later, after the bonds that were required to be posted by the three top Mint officials were reduced, that production got underway.

The first delivery of official U.S. gold coins consisted of 744 half eagles dated 1795 and took place on July 31 of that year, according Warrant 1. Over the course of the year, Mint records report 8,707 five dollar gold pieces struck, although it is possible that some coins minted early in 1796 were dated 1795. John Dannreuther proposes that the total output of 1795-dated pieces could be as high as 12,106 coins, all of which feature a Small Eagle reverse. The 1795 Large Eagle fives were all struck in 1797.

There are a dozen die marriages known for the 1795 Small Eagle five. In the past, researchers have thought there may be as many as 14 or 16, but they have been consolidated. Much of the modern work on the 1795 die varieties was done by Harry Bass based on his personal collection of more than 20 examples of the issue, and that work made its way into Dannreuther's outstanding Early U.S. Gold Coin Varieties reference from 2006. This is an example of BD-4, identified by the placement of star 1 relative to the curl, the two inner points on star 13 positioned toward Liberty's bust, and the middle of the eagle's wreath centered below the O in OF. Obverse 2 is in its third use here, having previously been employed in the production of BD-2 and BD-3 half eagles, while this is the only use of Reverse C. Presumably, both dies failed at some point in the coining of BD-4 fives, though no terminal die state examples have been identified. Both Bass and Dannreuther note that this particular representative is in the second known state (d/a) with lapping and star 1 no longer touching the lowest hair curl. However, in this cataloger's opinion it better matches state c/a. All examples of BD-4 have a crack from the rim to star 12.

Dannreuther suggests that the BD-4 variety constituted between 1,000 to 1,500 examples of the entire mintage. About 60 to 75 pieces are thought to survive, making this one of the more accessible die combinations. It is not seen, however, with anywhere close to the same degree of frequency as BD-3 -- the most collectible variety among 1795 Small Eagle fives -- of which perhaps as many as 225 examples are known.

The Harry W. Bass Core Collection coin is the single finest BD-4 representative extant by two full grade points. Bass purchased the coin in 1973 from James (Jimmy) Hayes, a prominent collector who would go on to serve as a member of the U.S. House of Representatives. Each side radiates frosty mint luster from orange-gold surfaces. The vibrant frost is most apparent around the devices. Light chatter occurs in the fields and the most noticeable marks are a couple of ticks on the eagle's breast, which is slightly incomplete. Definition is bold elsewhere.

Prior to this sale, the finest 1795 BD-4 half eagles in private hands were a trio of MS62 coins. This near-Gem now stands atop that formidable grouping, and by a considerable margin. We are thrilled to offer collectors this exciting new opportunity to advance their own sets, and we look forward to setting a new world record price for the variety along the way.

A Roster of Significant 1795 Small Eagle BD-4 Half Eagles by Ron Guth (Numismatic Detective Agency)
1. MS64 PCGS. James A. Hayes Collection, sold privately on 1/10/1973; Harry W. Bass, Jr. Foundation Collection (HBCC# 3032). The present coin.
2. MS62 PCGS. Central States Signature (Heritage, 4/2002), lot 6946, $48,300.
3. MS62 NGC. Old Colony Collection (American Numismatic Rarities, 12/2005), lot 1541, $46,000; ANA Signature (Heritage, 8/2010), lot 3466, $74,750; ANA Signature (Stack's Bowers, 8/2011), lot 7650, not sold.
4. NGC MS62. Kennywood Collection (American Numismatic Rarities, 1/2005), lot 899, $69,000.
5. MS61 PCGS. Dr. James Olsen Collection (Heritage, 1/2013), lot 5860, $70,500; Dallas Signature (Heritage, 12/2021), lot 3389, $90,000.
6. MS61 NGC. Baltimore Signature (Heritage, 7/2008), lot 1935, $80,500; Central States Signature (Heritage, 4/2010), lot 2235, $38,813; ANA Signature (Heritage, 8/2022), lot 4034, $87,000.
7. MS60 NGC CAC. Big Sky Collection (Heritage, 4/2015), lot 5303, $64,625.
8. AU58 NGC. Oliver Collection (Heritage, 8/2011), lot 7497, $57,500; Buffalo Bayou Collection, Part II / FUN Signature (Heritage, 1/2022), lot NGC, $96,000.
9. AU55 PCGS. Frog Run Farm Collection (American Numismatic Rarities, 11/2004), lot 1780, $36,800.
10. AU55 NGC. Long Beach Signature (Heritage, 9/2008), lot 3574, $43,125; Long Beach Signature (Heritage, 2/2009), lot 2657, $37,375; Los Angeles Signature (Heritage, 7/2009), lot 1247, $40,250; Long Beach Signature (Heritage, 9/2015), lot 4166, $39,950.
From The Harry W. Bass, Jr. Core Collection, Part II.

Coin Index Numbers: (NGC ID# 25ND, Variety PCGS# 519853, Base PCGS# 8066, Greysheet# 198166)

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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