1800 Half Eagle - The 1800 half eagle is considered by many to have excellent investment potential. As many gold issues from the same era, its exact mintage is unknown. In their U.S. Gold Coin Varieties reference on the subject Bass-Dannreuther estimate the total mintage to have been between 15,000 and 30,000. Breen, in his Encyclopedia mentioned a number of 37,628, and perhaps more. These include 26,006 half eagles struck in 1801 but obviously dated one or more of the previous year, as no half eagles dated 1801 are known to exist. Most sources quote these pieces to have been dated 1800 but it would also be possible that the various deliveries included further backdated issues. With an estimated number of survivors ranging between 600 and 700 in all grades, the number of 30,000 might be very close to the truth, although it seems generous at first for an early gold issue. Because of the number of pieces available to collectors in modern times this coin has also been considered to be a perfect type coin in a set of American (gold) coinage.

Five different die pairs are known to have struck 1800 dated half eagles, roughly divided into two groups. The first, used on a single variety with perhaps no more than five pieces known in all grades, shows a pointed 1 in the date. The other, more available variety called Blunt-1 is much more available and all other 1800 half eagles were struck using this obverse die. The pointed 1 variety (BD-1, R-7) is further identified by the use of a reverse die which is known to have struck 1799 half eagles. The use of the same die in multiple years further indicates the complexity of determining true mintages of a certain issue. The early American Mint did not care much for what they produced, as long as it just produced gold coins. Because of this we now have a wide variety of early American gold coins, including issues which probably should not have existed at all if the Mint would have noticed design changes more carefully!

One of the more available blunt 1 varieties, identified as BD-4, appears to be the most interesting. It is one of the more available die varieties for this year with an R-4 rarity rating and an estimated 125 to 175 pieces known in all grades. Breen thought that the M in AMERICA on the reverse was a small over large M, and that conclusion remains to be popular in auction catalogues. However, further research has indicated that it more likely is a repunched M, using the same punch for both impressions. Bass-Dannreuther mentions that there might have been a remarriage of the reverse die, most likely after it struck a number of BD-5 coins. While not confirmed this would not be unlikely and such a piece would be identified by a terminal state of the obverse die as some BD-5 coins are known in that state. It would also shed further light on the emission sequences of this issue, a study which remains ongoing as more examples of certain varieties are discovered and studied.

As previously mentioned this is an excellent issue for inclusion in a type set or a variable portfolio of gold coins as an investment. Pieces are usually easily found in most grades, and especially (lightly) damaged pieces are cheap compared to other dates of the type. However, the serious collector would most likely choose to wait a bit longer before the right example comes along. This should not take long, as it is offered with regularity at the major auctions, unlike the earlier dates of the type struck in the late 18th century. In uncirculated condition it is available as well, up to MS-62 but higher graded pieces remain rare. Any MS-63 or higher piece should be considered with great care when it becomes available, as these remain rare and also in demand because of the aforementioned reasons. Only one or perhaps two are known to exist in gem condition, both graded MS-66.

U.S. Rare Coin Investments has bought and sold many early gold coins like these and are always interested in purchasing these coins. Please contact us if you are interested in buying or selling early gold coins or any other rare coin.