1818 Half Eagle $5 STATESOF (BD-2, R-4) NGC AU55. Offered here is a lightly circulated example of this extremely popular variety, easily identified by the placement of STATES OF on the reverse. The letters in STATES are too widely spaced, forcing the engraver to put OF much closer to STATES than on the usual dies. As such, it would appear that STATESOF is a single word, although the two words remain separated and thus do not touch. Listed in the red book as a separate variety, there are two out of three dies for this date listed as engraving errors (the other, BD-3 has the denominations as 5D/50). This is the so-called capped head or fat head design by John Reich, which was used for coinage of half eagles from 1813 to 1834, a type which despite relatively large mintages is very hard to find due to large melting of gold during and shortly after this type was minted in the mid 1830s.

An estimated 45,588 1818 half eagles were struck, the majority of that number being the STATESOF variety. However, this does not mean that the coin is common, as approximately 140 coins are known in all grades, at most. Due to its well-known status and easy recognition demand for this variety is fairly high, and offerings are scarce in any grade. This year was the first year that half eagles were produced in considerable quantity since 1814, as the previous issue, 1815 only saw 635 pieces produced for circulation. The present specimen is a relatively affordable representative for the type, which would fit perfectly in a high grade type set or advanced set of early American half eagles. Only some minor wear is seen on the highest points, with abundant luster still visible in the protected areas. For a circulated gold coin, the fields are clean, and the coloration is a nice orange-gold color. A great coin of this scarce series!