1802/1 Half Eagle - The United States Mint located in Philadelphia shows in their records that a total of 26,006 five dollar gold pieces, or half eagles, were struck during the calendar year of 1801. However, after more then two centuries not a single example of that date is known to exist, and collectors have rarely considered the possibility of the existence of an 1801 half eagle. It is commonly accepted and most likely true that all half eagles struck in 1801 were backdated, perhaps as far back as 1799 or even 1798, as suggested by some numismatists and researchers. This was common practice at the early United States Mint, as dies were often illogically paired when they were still useable, one of many methods of keeping the costs low and in control. In an early nation as the United States the economy was still developing, especially so in the agricultural society of the late 18th century, and money was scarce. As a result, we now have a large number of different issues which might have not existed at all, or in the case of the 1801 half eagles, should have existed but do not.

In spite of the above, at least two half eagle obverse dies dated 1801 were made. These remained unused, and both would be overdated to 1802/1 dies. These dies are differentiated by either a centered overdate or a high overdate. A total of eight different die pairings were used, with the centered overdate striking five of the varieties while the high overdate was only used on three. According to research published by Bass-Dannreuther the centered overdate was used first, and it failed while producing BD-5, a very rare variety with perhaps ten pieces known at most. Prior to that point all reverse dies had failed first, and for some reason this appears to have been the case with most early American gold coinage. The reverse die used on BD-5 would continue to strike half eagles while paired with the high overdated obverse die. Two more reverse dies were used for coinage, and an estimated 53,176 half eagles are said to have been struck from all die pairings. Most references on the subject have noted that the number produced might have been higher, but from the number of pieces known to exist it appears to be correct.

None of the eight die pairings can be considered to be common, but some are more available than others. Three of the centered overdate varieties have less than 10 pieces known to exist in all grades, including pieces permanently impounded in museum collections. The two other varieties are more available, with an estimated 75 to 100 known in all grades. The most common variety of this date is the final coin, BD-8 which has an estimated 150 to 200 pieces known to exist in all grades, and as can be guessed it is also the variety which is usually available. It must be noted that the other available variety, BD-7, is known to have struck while mintage of 1803 half eagles was already ongoing. Apparently, the obverse die had cracked while striking coins and was being lapped by the Mint employees. While in that process the reverse die continued to strike coins, but was not paired with an 1803 overdated die. As the 1802/1 obverse die was lapped sufficiently it re-entered production, using the same reverse die. After the obverse die was finally retired the reverse die was again paired with the 1803 obverse die until it was retired as well. This is another indication of all the efforts the Mint put in their cost-cutting while producing coins.

As many other American gold coins of this era this date is generally available, but could not be called common at all. Unlike later dates many were not melted in the 1830s, but others had already been exported and had been melted overseas. Pieces that did survive have often been cleaned and show damage, and are usually avoided by specialized collectors and investors. Most of the pieces that survive with no problems are in lower About Uncirculated condition, indicating that they did circulate for some time until put away for a long period. Uncirculated examples are rare, but are sometimes available in the lower mint state grades, and occasionally at auction in near-gem quality. Any opportunity to buy such a coin should be considered with great care, as chances are slim that such pieces would appear on the market with any frequency. It must be noted that the population reports of the major grading companies show an unusual large number of MS-64 coins. From our research of auction appearance it appears that more than half of those numbers are resubmissions, and that perhaps no more than seven or eight MS-64 1802/1 half eagles exist. Three pieces have been graded higher, and they are among the grandest of all early 19th century American gold coinage.

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.