1795 $5 Small Eagle MS(PCGS#8066)

Summer 2025 Global Showcase Auction U.S. Coins

拍卖行

Stack's Bowers

批号

3158

等级

MS61

价格

792,620

详细说明

An especially colorful and attractive example of this popular historically significant and conditionally challenged issue from the earliest years of U.S. Mint coinage. Intensely lustrous surfaces combine frosty and semi-reflective qualities, the latter especially pronounced in the fields when viewed with direct lighting. The obverse is particularly vivid with lovely reddish-apricot iridescence on a base of medium olive-gold. The latter color dominates on the reverse, although wisps of reddish-apricot are also evident around the periphery on that side. Boldly to sharply defined from a well centered, well executed strike, this is a solid Mint State early half eagle with only light handling marks precluding a higher grade. Lovely! BD Die State c/b.<p>As part of the Act of April 2, 1792, establishing the United States Mint and defining the nation's monetary system, gold coins in $2-1/2, $5, and $10 denominations were authorized. Part of the law also instituted a requirement that the treasurer, chief coiner, and assayer must post a personal surety bond of $10,000 each before they could produce gold and silver coins. By any definition, this was an enormous sum of money for the era which could not be met. Consequently, the first coins struck at the newly opened Philadelphia Mint were half cents and large cents. Realizing the difficulties in coming up with the surety bonds, Congress reduced the requirements enough so that the production of silver coinage could commence. It would not be until 1795 that there was enough gold bullion on hand to begin production of gold coins, three years after the authorizing act was passed.<p>The work of designing and engraving the new denominations fell to Robert Scot after Joseph Wright's term as engraver was cut short when he died in one of the annual yellow fever epidemics that plagued Philadelphia. The obverse of all three gold denominations bear a representation of Liberty facing right flanked by stars while wearing a cloth freedman's cap, with the legend LIBERTY above and the date below. The reverse features a delicate small eagle with spread wings holding a wreath in its beak while clutching a palm frond in its talons. The delivery of the nation's first gold coins took place on July 31, 1795, when 744 half eagles were transferred to the treasurer by the chief coiner. As is often the case, there were some growing pains at the new mint, in particular with extending die life. The Bass-Dannreuther reference has identified eight obverse dies dated 1795 and nine reverse dies used in 12 separate combinations. Die reuse in the early days of the Mint was prevalent; a die would be kept in service until failure often with no regard for the date engraved on it. While Mint records indicate that 8,707 half eagles were struck in calendar year 1795, it is widely believed that many more were actually struck bearing the 1795 date, possibly as many as 12,106 pieces. This was common practice in the early United States Mint, often making annual mintage figures a poor indicator of the actual number of coins struck for many issues. With this modest beginning, the half eagle entered circulation and quickly became popular in commerce, rapidly becoming the workhorse gold denomination in preference over the eagle and quarter eagle.<p>The BD-3 variety is the most available of the known die marriages of the 1795 Small Eagle $5. Some 2,000 to 3,000 coins are believed to have been struck using this die pair. That said, the mass meltings of gold coins that took place in the 1820s and 1830s took their toll on the issue, leaving just 200 or so specimens, primarily at the AU level. Interest in the 1795 half eagle is almost as old as numismatics in America, beginning in the 1850s when Philadelphia collector and dealer J. Colvin Randall first described the different die varieties of the issue. Ever since then, the 1795 has remained in the forethought of both early gold connoisseurs and type collectors. Conditionally challenging in Mint State, the population figures no doubt include resubmissions, somewhat inflating the number of Uncirculated examples extant. Scarce and especially desirable as one of the nation's first gold coins, a Mint State 1795 Small Eagle $5 with the strong eye appeal that defines this vivid example is bound to attract spirited bidding. Plan your strategy accordingly.