We at
U.S. Rare Coin Investments highly recommend these Early
Gold 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.
U.S.
Rare Coin Investments is Buying, Selling and Trading
Early Gold (Early Quarter Eagles, Early Half Eagles,
Early Eagles).
Early Gold - Early
Quarter Eagles: Capped Bust to Right
(1796-1807)
The quarter eagle denomination debuted
in 1796, and the first type appeared without any stars on
the obverse, making it the only "star-less" early
U.S. silver or gold coin. All examples of this type were
struck at the Philadelphia Mint (the only mint at the time),
and only in a limited quantity of 963 pieces. This type
presents a real challenge to the type collector because
of its great rarity. Nevertheless, a surprising number of
high-grade circulated examples exist.
Designed by Robert Scot. The design on
the first quarter eagle followed that of the half eagle
and eagle, but minus any stars on the obverse. The reverse
featured a heraldic eagle patterned after the Great Seal
of the United States. UNITED STATES OF AMERICA surrounds
the eagle. Edge: reeded. Standards: weight, 4.37 grams;
composition, 91.67% gold / 8.33% silver and copper; diameter,
20 mm.
Later in 1796, 13 stars were added to the obverse of the
quarter eagle. Mintages remained low, reaching a peak of
6,812 in 1807. All examples of this type were struck at
Philadelphia, and no Proofs or presentation strikes were
made. Artist depiction of the exterior of the Mint's building
in Philadelphia circa 1885.
All "Stars on Obverse" quarter eagles are rare
with the exception of 1807 and 1802. Surviving examples
are distributed fairly evenly over the grade scale; thus,
collectors have a wide variety of choices up through AU-58.
For a price (usually a high one), there are always one or
two Mint State pieces available on the market at any given
moment.
Designed by Robert Scot. Same designs as
the preceding, but with 13 stars around the obverse. Edge:
reeded. Standards: weight, 4.37 grams; composition, 91.67%
gold / 8.33% silver and copper; diameter, 20 mm.
Early Gold - Early
Quarter Eagles: Capped Bust to Left,
Large Size (1808)
The 1808 quarter eagle was a one-year type
with a mintage of only 2,710 pieces, making it one of the
rarest and most desirable of all U.S. coins. Either quarter
eagles were very unpopular in the early 1800s, or the Mint
had little interest in producing them. A look at the mintages
of other 1808 coins gives a clear indication of priorities:
half cents-400,000; large cents-1,007,000; half dollar-1,368,600;
half eagle-55,578; and quarter eagle-2,710. Apparently,
there was no great commercial need for the quarter eagle,
because once the 1808s were released, none were struck again
until 1821.
Despite the low mintage, an unusually high
percentage of surviving examples appear in About Uncirculated
condition (specifically, AU-58). The rarity of this date
and denomination may have been its salvation back in 1808.
They might have been saved simply because they were such
an unusual denomination. The high percentage of AU examples
strongly suggests that, for whatever reason, these coins
did not circulate freely.
Designed by John Reich. Liberty's cap no
longer looks like a freedman's cap, but just a loose bag
with a headband. Liberty's hair falls in curled tresses
down the back of her neck. Thirteen stars are arranged with
seven on the left and six on the right on the obverse; the
date appears below the bust. The reverse features an eagle
with its wings outstretched and raised, arrows and an olive
branch in its talons. A scroll bearing the words E PLUR1BUS
UNUM hovers above the eagle's head, and the denomination
in the form "2'/> D" appears beneath the eagle.
UNITED STATES OF AMERICA arcs around the upper reverse.
Edge: reeded. Standards: weight, 4.37 grams; composition,
91.67% gold / 8.33% silver and copper; diameter, 20 mm.
Early Gold
- Early Quarter Eagles: Capped
Head to Left, Large Diameter (1821-1827)
Coinage of the quarter eagle resumed in
1821 using new dies designed by John Reich. The new design
featured a smaller head of Liberty, with sufficient space
for the placement of stars above. All examples of this type
were produced in Philadelphia. A small number of Proofs
were made, perhaps to celebrate the resumption of the denomination.
Mintages for this type (as with all early
quarter eagles) were very low, all under 7,000 coins, reaching
their lowest point in 1826, when only 760 examples were
produced using an over-dated die. In fact, the presence
of two over-dated dies in this type (1824/1 and 1826/5)
suggest anticipated mintages that never materialized. As
usual, the Mint's attentions were focused elsewhere during
the time of this type, especially on large cents and half
dollars.
For the collector seeking an example of
the Capped Bust, Small Head quarter eagle, mintages are
completely irrelevant. The lowest-mintage coin, 1826/5,
is rarer than the highest-mintage 1821, but not by much.
In fact, the 1825, which has a lower mintage than the 1821,
is by far the most "common" date of the type,
by a factor greater than two. The 1825 has a nice distribution
of grades throughout the scale, with spikes at the AU level
and in MS-61. Why this date survived in such high numbers
relative to the other dates is unknown, but the extra population
helps keep the value of the type at a manageable level.
This type ended with the introduction of the close collar
in 1828.
Designedly John Reich. While the head of
Liberty resembles that on Classic Head half cents (1809-1836),
the bust and head are shaped differently. The reverse is
slightly modified version of the preceding. Edge: reeded.
Standards: weight, 4.37 grams; composition, 91.67% gold
/ 8.33% silver and copper; diameter, 18.5 mm.
Early Gold - Early
Quarter Eagles: Capped Head to Left,
Reduced Diameter (1829-1834)
In 1829, new machinery at the Mint enabled
a more uniform quality in America's coins. Specifically,
coins could now be produced with consistent diameters. Earlier,
this was not possible because blanks were allowed to spread
out unchecked during the minting process. Thus, the pressure
of the coining press or the thickness of the original planchet
determined the eventual diameter of the coin. If the pressure
varied from coin to coin, so would the diameter. The new
technology consisted of a close collar, one that restricted
the spread of the metal during striking. The close collar
ensured uniform diameters and also did away with one step
in the coining process. Previously, edge ornamentation or
reeding (in the case of the quarter eagle) was imparted
in a separate process prior to the actual striking of the
coin. The close collar had grooves already cut into it,
so when the coin was struck, the metal flowed into the grooves
creating the reeding on the edge of the coin.
The Capped Head to Left, Reduced Diameter
type was struck in very small numbers; the highest mintage
for this type was 4,540 for the 1830. Many of this type
were destroyed shortly after minting because of rising gold
prices. Thus, survivors are very scarce, and difficult to
locate in any condition. Very few original, unimpaired examples
exist. Many have been cleaned or repaired. Ownership of
this type is the mark of an advanced collection.
Designed by John Reich. Same designs as
the preceding except the border has been replaced with a
circle of small beads within araised rim. Edge: reeded.
Standards: weight, 4.37 grams; composition, 91.67% gold
/ 8.33% silver and copper; diameter, 18.5 mm.
Early Gold - Early
Half Eagles: Capped Bust to Right,
Small Eagle (1795-1798)
Half eagles appeared in 1795, two years
after the first American copper coins and one year after
the first silver coins. Much of the delay in the appearance
of the $5 denomination can be attributed to a lack of gold
bullion being deposited at the Mint, but we also know that
some of the Mint officials had difficulty obtaining performance
bonds allowing them to handle precious metals.
The first type shows a liberty cap-carried
on a pole on the half cents and large cents planted firmly
on Liberty's head. A long strand of hair wraps unnaturally
around the cap, creating the false impression of a turban
(this design is sometimes called the Turban Head). The reverse
features a scrawny eagle perched atop a palm branch, holding
a wreath in its beak. The same designs were used on the
first $10 gold pieces, which also debuted in 1795. Only
the Philadelphia Mint produced this type. No Proofs or presentations
strikes were made. Mintages for this type are very low,
and survivors of any date are very scarce, making it one
of the most desirable and valuable of all early types. Because
the dies were hand-made, numerous varieties exist.
The liberty-cap design has appeared frequently on American
coinage, but it dates back at least to ancient Rome, where
it was bestowed upon freed slaves. Also known as a phrygian
cap, it has been used as a symbol for freedom since that
time. In France, it was adopted by the revolution; when
the angry mob invaded the palace of King Louis XVI, they
forced him to don a liberty cap, as shown in this French
political cartoon of the 1790s.
Designed by Robert Scot. The obverse features
a head of Liberty facing right, wearing not a turban, but
a stylized freedman's cap (the turban confusion probably
came about by the long lock of hair that wraps unnaturally
around the cap). The word LIBERTY appears above and to the
right of her head. Either 15 or 16 stars are arranged on
either side of Liberty's head and the date appears at the
base of the obverse. The reverse shows a wan-looking eagle
perched on a palm branch, its wings outstretched, holding
a wreath of an olive branch in its beak. The words UNITED
STATES OF AMERICA arc around the top of the reverse. Edge:
reeded. Stan¬dards: weight, 8.75 grams; composition,
91.67% gold / 8.33% silver and copper; diameter, 25 mm.
Early Gold - Early
Half Eagles: 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.
Designed by Robert Scot. Same obverse design
as the previous. The reverse features a heraldic eagle,
patterned after the Great Seal of the United States. UNITED
STATES OF AMERICA surrounds the eagle. Edge: reeded. Standards:
weight, 8.75 grams; composition, 91.67% gold / 8.33% silver
and copper; diameter, 25 mm.
Early Gold - Early
Half Eagles: Capped Bust to Left (1807-1812)
John Reich began working at the U.S. Mint
in 1807 as an assistant to the engraver, Robert Scot. Reich's
first efforts designing American coins occurred that same
year, when his Capped Bust motif appeared on the half dollar
and half eagle. The half eagle turned out to be the most
important gold denomination in the early 1800s. In fact,
from 1809 to 1820, inclusive, it was the only gold denomination
produced in the country. As such, there were no breaks in
the Capped Bust series, a rare occurrence in any type outside
of large cents or half dollars. Mintages were high for the
period, reaching a zenith of more than 100,000 coins in
1810. Even the lowest-mintage date (1809) was represented
by more than 33,000 coins. Unfortunately for collectors,
many examples of this type were destroyed during the frequent
periods when their metal value exceeded their face value.
This type contains two overdates: 1808/7
and 1809/8. In 1810, the date is either Large or Small,
and the 5 in the denomination is found either Tall, Small,
or Large (the rarest combination is the 1810 Large Date,
Small 5). The 1811 coin is also found with Small or Large
5 numerals in the denomination.
In general, this type is better made than
it predecessors, although weak strikes are sometimes a problem.
Adjustment marks are sometimes seen, but they are usually
minor due to the better strikes. No Proof examples were
made of this type. All coins of this type were struck at
the Philadelphia Mint.
Designed by John Reich. The Capped Bust
design appeared on only one other denomination the quarter
eagle of 1808. Liberty's cap looks no longer like a freed-man's
cap, but just a loose bag with a headband. Her hair is nicely
done and falls in curled tresses down the back of her neck.
Thirteen stars are arranged with seven on the left and six
on the right on the obverse; the date appears below the
bust. The reverse features an eagle with its wings outstretched
and raised, with arrows and an olive branch in its talons.
A scroll bearing the words E PLURIBUS UNUM hovers above
the eagle's head and the denomination in the form "5
D." appears beneath the eagle. UNITED STATES OF AMERICA
arcs around the upper reverse. Edge: reeded. Standards:
weight, 8.75 grams; composition, 91.67% gold / 8.33% silver
and copper; diameter, 25 mm.
Early Gold - Early
Half Eagles: Capped Head to Left,
Large Diameter (1813-1829)
The Capped Head to Left, Large Diameter
type, issued from 1813 to 1829, contains some of the greatest
rarities in American numismatics coins such as the 1815
half eagle, the 1822 (three known), the 1825/4 (two known),
and the 1829 Large Date. Most of the dates in this series
have low mintages, usually below 50,000 coins. The 1820
half eagle has the highest mintage (263,806 coins), and
the 1815 has the lowest (635 coins). Some dates, such as
1819, have a reasonably high mintage (51,723 coins) but
remain extremely rare today. The rarity of many of the dates
cannot be attributed to attrition alone-clearly, vast majorities
of many dates were destroyed en masse.
Nevertheless, the collector of average
means still has many opportunities to own this type. The
most affordable dates include 1813, 1814, 1818, and 1820.
Even the 1823 half eagle, with a mintage of only 14,485
pieces, is within reach of most collectors. Several interesting
varieties exist to entice the collector. Overdates include
the 1814/3, the 1825/1, the 1825/4, and the 1828/7. In 1818,
one variety includes STATES OF jammed together as one word;
another 1818 variety shows the denomination as 5D over 50
(a similar situation occurs in 1819). In 1820, the 2 of
the date is found with either a curved base or a flat, straight
base.
The Philadelphia Mint was the sole producer of coins of
this type. A tiny number of Proof examples were produced,
all of which are extremely valuable rarities. One of the
finest Proof examples known to the author is the superb
1828 in the National Numismatic Collection at the Smithsonian
Institution.
Designed by John Reich. The Capped Head
design was only used on half eagles beginning in 1813 and
the quarter eagle in 1821. While it resembles the head of
Liberty on the Classic Head half cents (1809-1836), the
bust and head are shaped differently. The reverse is a slightly
modified version of the preceding. Edge: reeded. Standards:
weight, 8.75 grams; composition, 91.67% gold/8.33% silver
and copper; diameter, 25 mm (reduced to 23.8 mm in 1829).
Early Gold
- Early Half Eagles: Capped
Head to Left, Reduced Diameter (1829-1834)
In 1829, the design on the Capped Head
half eagle was modified slightly by William Kneass to accommodate
new machinery at the Mint. Half eagles were being struck
using a close collar that produced coins of uniform diameter.
The borders now consisted of circles of beads within a raised
rim. The major design elements remained the same, but the
stars, lettering, and dates became smaller.
Rarities in this series include the 1829
Small Date (compared to the earlier Large Date, Large Diameter
coin of that year) and the 1832 with only 12 stars on the
obverse (an engraver's gaffe). In 1834, varieties appear
with either a Plain or Crosslet 4 in the date. All examples
of this type were produced at the Philadelphia Mint. Mintages
were relatively high (most greater than 125,000 coins),
but survivors are very rare. A tiny handful of Proofs were
made, but they seldom appear on the market and are extremely
valuable.
Designed by John Reich. Same designs as
the preceding except the border has been replaced with a
circle of small beads within a raised rim. Edge: reeded.
Standards: weight, 8.75 grams; composition, 91.67% gold
/ 8.33% silver and copper; diameter, 23.8 mm.
Early Gold: Early
Gold Eagles or Early Ealges (1795 - 1804)
Early Gold - Early
Eagles: Capped Bust to Right, Small
Eagle (1795-1797)
When legislators contemplated America's
coinage system, they chose the eagle (or $10 gold piece)
as the primary denomination. All other gold denominations
were expressed as fractions of the eagle (quarter eagle
for the $2.50 gold piece and half eagle for the $5 gold
piece) and remained that way until gold coinage was suspended
in 1933. The eagle reigned supreme as America's largest
denomination until 1849, when it was supplanted by the double
eagle.
The first eagles appeared in 1795 along
with the first half eagles. The two denominations shared
the same design a bust of Liberty wearing a cap, with a
strand of hair wrapped around, giving the false impression
of a turban. On the reverse, an American eagle was displayed
proudly, its wings outstretched and a wreath in its beak.
High-quality examples of this type are
very elusive. Many examples show adjustment marks, mounting
remnants, repair work, and/or cleaning. Original, unimpaired
examples are very rare and extremely desirable. Several
examples show Prooflike surfaces, but the authors do not
agree that any examples of this type were struck as presentation
pieces. Other exam¬ples show a rich, frosty luster that
can be quite impressive.
Designed by Robert Scot. The obverse features
a head of Liberty facing right, wearing not a turban, but
a stylized freedman's cap (the turban confusion probably
originated in the long lock of hair that wraps unnaturally
around the cap). The word LIBERTY appears above her head.
Either 15 or 16 stars are arranged on either side of Liberty's
head, and the date appears at the base of the obverse. The
reverse shows an eagle perched on a palm branch, its wings
outstretched, holding a wreath in its beak. The words UNITED
STATES OF AMERICA arc around the reverse. Edge: reeded.
Standards: weight, 17.50 grams; composition, 91.67% gold/8.33%
silver and copper; diameter, 33 mm.
Early Gold
- Early Eagles: Capped Bust
to Right, Heraldic Eagle (1797-1804)
In 1797, Robert Scot added his Heraldic
Eagle design to the back of the $10 gold piece, as well
as to the half eagle. The new reverse was a modification
of the Great Seal of the United States, the same seal that
certified the president's signature on official government
documents. The symbolism was much more powerful than that
of the previous design, which featured a smaller, scrawnier
bird.
Mintages were erratic, indicating variable
demand for this denomination. In 1798, fewer than 2,000
coins were made, but the next year, the mintage jumped to
more than 37,000. No eagles were struck in 1802. 1804 saw
two versions: the low-mintage regular issue and the extremely
rare Proof issues (with a Plain 4) that were struck circa
1834. Aside from the aforementioned rarities, this type
is easy to obtain if the collector is willing to pay the
price. Original examples are difficult to find, and collectors
often must settle for coins with adjustment marks, surface
impairments, cleanings, and other problems. Thus, significant
premiums are often paid for original, unimpaired coins.
Coins of this type are visually impressive
because of the strong designs, their large size, and the
heft of their golden alloy. This type ended in 1804, when
then-President Thomas Jefferson suspended production of
silver dollars and eagles to prevent their eventual destruction
by bullion dealers.
Designed by Robert Scot. Same obverse design
as the preceding. The reverse features a heraldic eagle
patterned after the Great Seal of the United States. UNITED
STATES OF AMERICA surrounds the eagle. Edge: reeded. Standards:
weight, 17.50 grams; composition, 91.67% gold/8.33% silver
and copper; diameter, 33 mm.
