1795 $5 Small Eagle, BD-8, High R.5, MS61 PCGS....

Description

1795 BD-8 Capped Bust Right Five, MS61
First-Year Gold Issue
Elusive Issue in Mint State

1795 $5 Small Eagle, BD-8, High R.5, MS61 PCGS. The 1795 half eagle was the first gold issue struck by the U.S. Mint. Although copper cents and half cents were issued in 1793, and silver dollars and half dollars were coined in 1794, the production of gold coins had to wait until 1795. This was because of excessive surety bonds required of the Chief Coiner and Assayer. Once these bonds were reduced, 8,705 half eagles were struck, in addition to 5,583 eagles. The final authorized gold denomination, the quarter eagle, was first produced in 1796. The mintage given for the 1795 half eagle excludes the curious Heraldic Eagle reverse varieties, which were coined two or three years later using still-functional older obverse dies.

Early gold specialists know that the most often encountered 1795 half eagle variety is BD-3, identified by its monogram-like attachment of the ME in AMERICA. BD-8 is considerably more difficult to locate, and in the Bass-Dannreuther series reference is listed as rarer than BD-1, BD-4, BD-6, or BD-10. John Dannreuther estimates the surviving population at 30 to 40 examples in all grades. For BD-8, the right upright of the N in UNITED is recut, and the top of the 5 in the date overlaps the bust truncation. The wreath terminates beneath the left curve of the O in OF. These diagnostics can be used to identify the die marriage.

This attractive example is crisply struck overall. The eagle's breast and the hair left of the ear exhibit moderate merging of detail, but most design elements are well brought up. Adjustment marks are virtually absent, seen only on the obverse margin near 10 o'clock. The obverse field has the small mark here and there, as expected of the MS61 grade, but none among these distract. Light honey-gold toning is consistent, except for the infrequent gunmetal-blue high points on the major devices. Uncirculated 1795 half eagles are seldom encountered, and under tremendous demand from type collectors and early gold specialists. Years may pass before a comparable example of BD-8 appears at auction.
Ex: FUN Signature (Heritage, 1/2007), lot 3490.

Coin Index Numbers: (Variety PCGS# 519857, Base PCGS# 8066, Greysheet# 198168)

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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