1796/5 $5 BD-1, High R.4, MS61 NGC....

Description

1796/5 BD-1 Half Eagle, MS61
Strong, Semireflective Survivor
Probably Fewer Than 100 Coins Extant

1796/5 $5 BD-1, High R.4, MS61 NGC. Bass-Dannreuther Die State a/b. It was early days at the United States Mint in 1796. Copper coinage production had begun in 1793, silver coinage in 1794, and gold coinage in 1795. This year, 1796, represented just the second for which half eagles were struck. At that time, coinage was produced on demand for depositors, so no great quantity was issued. The 1796 half eagle claims a reported mintage of just 6,196 pieces. However, the early Philadelphia Mint's lack of regard for the dates or dies used means probably even fewer actually feature this year's date. John Dannreuther, writing in Early U.S. Gold Coin Varieties (2006), suggests perhaps as few as 1,057 to 2,000 coins were struck from 1796-dated dies. The rest of the reported mintage may very well have been made using 1795-dated dies, making this issue even more challenging than it appears judging by the reported production total alone.

A single die variety exists for the 1796 half eagle. The obverse features the 6 punched over a prominent underlying 5, while the reverse was left over from the previous year (used in the manufactured of 1795 BD-12 half eagles). Dannreuther estimates just 80 to 100 coins struck from those dies survive in all grades, including this magnificent Uncirculated representative.

A touch of semiprooflikeness exists in the fields, generating a bit of contrast against the devices. Definition is stronger toward the peripheries than it is at the centers, though the interiors remain well-defined. Adjustment marks occur over Liberty's portrait -- a technique employed early on by the Mint to ensure a coin's weight corresponded to the legal standard. Yellow-gold surfaces are slightly bright with scattered abrasions expected for the grade, including slight pinscratches above the eagle's wings. Census: 3 in 61, 10 finer (3/22).
Ex: Sale 44 (Goldberg Auctions, 2/2008), lot 2359; Sale 48 (Goldberg Auctions, 9/2008), lot 1248; Midwest Summer Sale (Scotsman, 7/2015), lot 952.

Coin Index Numbers: (NGC ID# BFWU, Variety PCGS# 519862, Base PCGS# 8067, Greysheet# 394004)

Metal: 91.67% Gold, 8.33% Copper
Weight: 8.75 grams
AGW: 0.28oz
Mintage: 6,196

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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