The Half Eagle was the
very first gold coin struck at the United States mint. Starting
in 1795, the Half Eagle became the only U.S gold coin struck
in each of the 8 U.S mints may or varieties exist in the early
series with several appearing for sale very infrequently, sometimes
not being seen for years.
Capped
Bust to Right, Heraldic Eagle (1795-1807. In 1797, Robert Scot
created a heraldic reverse design for the half eagle and eagle,
a theme that would eventually be echoed on all U.S. coins except
for the half cent and cent. (Coins of this type dated 1795 are
thought to have been struck in 1798.) Scot's Heraldic Eagle
reverse borrowed heavily from the Great Seal of the United States,
which was affixed to all official government documents.
The
success of the half eagle depended on the quantity of gold bullion
deposited at the Mint. Because only small amounts of gold were
received by the Mint in its early years, quantities struck for
this type are generally low. However, mintages trended upward
as the years passed. Coins were struck in every year except
1801, when all of the gold deposits were used to strike $10
coins.
The
1795-dated Heraldic Eagle half eagle was actually struck later,
using an odd combination of a leftover 1795 obverse and a
reverse of the new type. Most likely, this odd "mule"
was struck in 1798, at the same time as the 1798 Small Eagle-reverse
half eagle. This type is replete with interesting varieties,
including some overdates (1797/5, 1802/1 and 1803/2). In 1797,
obverses can be found with either 15 or 16 Stars (this number
was lowered to 13 stars beginning in 1798). In 1798, obverses
come with either a large or a small 8 in the date and, on
the reverse, either 13 or 14 stars float above the eagle's
head.
As with most early American
gold and silver coins, this type often has problems with adjustment
marks and/or weak or uneven strikes. Buyers should also beware
of cleaned and/or repaired examples. All examples of this
type were struck at the Philadelphia Mint (the only coinage
facility existing at the time). No Proofs were made, but one
1795 eagle with a Heraldic Eagle reverse has been certified
as a Specimen.
1797
Half Eagle, 7 over 5
Production of half eagles in 1796 was so small
that at least one 1795-dated die remained unused. Although
overdated to 1797, this die was probably not used until 1798,
when all sorts of weird die combinations (such as the 1798,
Small Eagle Reverse half eagle) appeared. This is the only
collectible variety of the 1797, Heraldic Eagle Reverse half
eagle, as the other two varieties are unique. Nonetheless,
this is still an extreme rarity, appearing at auction only
six times since 1994. The finest examples are graded only
MS-61, one of which sold just below $150,000 when auctioned
in 2004.
1797
Half Eagle, 15 Star Obverse
This coin is unique. Although added to the National Numismatic
Collection at the Smithsonian Institution sometime after 1838,
this coin had been misattributed as a 1797/5 even though there
is no trace of an overdate! The error remained unchallenged
and overlooked by most numismatic researchers until 1992,
when the coin was photographed for one of the museum's publications
and the attribution was questioned. However, the "official"
discovery waited until 2002, when eagle-eyed researchers realized
that this was, indeed, a very special, unique coin. As with
the previous variety, the current value is untested, but it
would be significant.
1797
Half Eagle, 16 Star Obverse
This is a unique variety whose only representative is the
sole survivor in the National Numismatic Collection. Once
proudly displayed as part of the Josiah K. Lilly Collection,
the coin now resides in a vault drawer, out of sight but not
out of the minds of collectors and researchers who know of
its existence. This is one of the few gold coin varieties
that eluded Harry Bass Jr.-not for want of trying, but simply
because it never came up for sale during his lifetime of collecting.
Waldo Newcomer paid $2,500 for this coin in the early 1900s,
making it one of the most valuable of all U.S. coins at the
time. Today, its worth is immeasurable.
We at U.S. Rare Coin
Investments highly recommend these Early Half Eagle coins
for investments portfolios. Whether a single coin or the long
term acquisition of them with the goal of building a set in
terms of historical importances as well as longterm profit
potential, cannot be overstated in our opinion.
