Half
Eagles - 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
coin was designed by Robert Scot. The obverse features
a head of Liberty facing right, wearing not a turban,
but a stylized freedman's 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.
In
total 492 have been certified by both grading services.
The numbers are probably inflated as a result of crossovers
and resubmissions. The finest is a single MS66 at NGC.
One variety has the final S in STATES punched over a
D. The rare 1795 Eagle and Shield reverse is believed
to have been struck in 1798. Mintage for Circulation:
8,707
1796
Small Eagle, 6 over 5. Only 75 to 100 are known.
61 have been certified by both grading services. The
finest is a single MS65 at NGC. Mintage for Circulation:
6,196
Found
with either 15 or 16 stars on the reverse. Only 18 to
20 are known with 15 Stars. 8 have been certified by
both services. The finest is a single MS60 at NGC. Only
20 to 25 are known with 16 Stars. 18 have been certified
by both services. The finest is a single MS61 at PCGS.
Mintage for Circulation: 3,609
Extremely
Rare! Only 7 are known; the finest is an AU55 at NGC.
1798
Half Eagle, Small Eagle. Mintage for Circulation:
Unknown
LARGE EAGLE ON REVERSE
(1795 - 1807)
Capped
Bust to Right, Heraldic Eagle (1795 to 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 eagle 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
has many 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 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, the coin uses the same obverse design as the previous
issue. The reverse features a heraldic eagle, patterned
after the Great Seal of the United States. However,
Scot mixed up the positions of the arrows and olive
branch. The arrows held in the wrong claw signify defiant
militarism. Either Scot made an error copying the image
of the Great Seal, or he deliberately changed the symbolism
in keeping with very warlike stance. Considering that
the United States at this time was engaged in a naval
war with France (the undeclared Franco-American War
of 1798 to 1800, which took place on the East coast
of North America and the Caribbean and resulted in the
end of French privateer attacks on U.S. shipping), the
latter is probably more likely. The French would be
especially sensitive to a message within the heraldry,
and the young United States was brash in that they had
just defeated the super power, England in gaining independence.
In the field above the eagle are thirteen stars and
above them, an arc of clouds. A banner from wing to
wing has the motto E PLURIBUS UNUM. The legend UNITED
STATES OF AMERICA surrounds the eagle.
Two
different punches were used giving a Round and Pointed
Top 6. The Pointed Top 6 is rarer variety. There is
also a Pointed Top 6 with 8 X 5 obverse stars. Only
10 to 12 are known.
