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.
1798
Half Eagle, Small 8
The 1798, Small 8 half eagle is one of the "sleepers"
in the series, rarely selling for much of a premium over the
Large 8 varieties. It is every bit as rare as the 14-Star
Reverse (see below) and has actually appeared at auction fewer
times over the past dozen years. This compari¬son is validated
by the population reports, which show fewer of the Small 8
half eagles than any other major variety of the year, with
the exception of the 1798 Small Eagle Reverse. The finest
example known is the lone NGC MS-63 that sold for $49,450
in early 2004, a price that will be perceived as a relative
bargain in the years to come.
1798
Half Eagle, Large 8, 13 Star Reverse
This design, with the Large 8 and 13 stars on the reverse,
comprises the majority of 1798 half eagles. Since the date
itself has the highest mintage of any half eagle prior to
1800, one could reasonably conclude that it is also the most
common. However, auction records and popu¬lation reports
show that the 1798, Large 8, 13-Star Reverse is rarer than
the 1795 Small Eagle (which has a much smaller mintage), indicating
that fewer coins of the former variety were saved. Only a
handful of Mint State examples are known, the finest of which
are at the MS-63 level. An auction-price record of $34,500
was set by an NGC MS-63 example in 2000.
1798
Half Eagle, Large 8, 14 Star Reverse
This variety represents only a small fraction of the 1798,
Large 8 half eagles. Thanks to the three coins from the Bass
Collection, collectors have had an opportunity to purchase
this variety an average of once per year at auction. Most
certified examples are high grade, with a cluster of a dozen
or so examples in various About Uncirculated grades. Only
one Uncirculated specimen has been seen (an NGC MS-60), and
the finest coins to appear at auction have been some AU-55
coins. An auction-price record of $25,300 was set by the AU-55
Bass coin in 1999. The rarity of this variety can be attributed
to the reverse die, which became heavily cracked.
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.
