1795 Half Eagle Small Eagle PCGS MS62. (BD-10, R-5). The United States of America struck its first official gold coinage as a government in 1795, after the introduction of copper and silver coins during the two previous years. Gold, a precious metal known to mankind for millennia, has always been considered to be the prime metal for a nations coinage. While copper and silver coins established a stable economy of a new nation, gold coins would be the choice for large and foreign transactions for centuries. In uncertain times gold coins also supplied the people with a valuable asset that gave them economic independency in unstable periods. This was the case back in the early 19th century, and this still is the case in todays world of economic turmoil.

The 1795 $5 gold piece with the small eagle reverse is usually considered to be the most available date for the type. Most available however, in this case, does not mean common. The generally accepted mintage for this issue was a mere 8,707 pieces, struck by combining eight different obverses with nine different reverses, creating a total of twelve individual varieties. These varieties range in rarity from very rare (less than a dozen pieces known) to somewhat available (200+ pieces known). The variety offered here, BD-10 is one of the scarcer die combinations, with an estimated 40 to 50 pieces known in all grades, as per Bass-Dannreuther. Based on eye-appeal and general availability, we can be fairly sure that this coin is near the top of the condition census for BD-10.

The obverse die that was used to strike this coin had previously struck a number of different varieties, and was lapped before it was put into service on last time, for this variety. This method of increasing the overall appearance of a die appears to have been done shortly before this coin was struck. While it has created some loss of detail in the center, as always seen for this variety, it has also created moderate prooflike fields which look very pleasing in hand. The most notable features, however, are seen on the reverse, or more correctly, not seen on the reverse die. Bass-Dannreuther note of reverse die state a, the first of this die:

Reverse Sate a: no clashing, no lapping, no cracks (should exist, as this is the first use of the reverse die)

From this description, it appears that the authors had not seen an example of this variety with a perfect reverse die. Cracks soon developed, which would eventually lead to an early retirement of this particular die, limiting its use to BD-10 only. The present coin, however, does not show any of these die cracks, and thus confirms the existence of state a of this die. While there are hardly any collectors of early gold coins by die variety, let alone die states, this does indicate that this was one of the first coins struck for this variety, usually an indication for above average quality.

The presently offered coin sure has that above average quality, and easily appears to be of premium quality to us. As previously mentioned, the fields are lightly prooflike, with the devices slightly lighter in appearance than the fields, a very pleasing feature to the eye. The strike is near complete, especially so on the reverse, showing most of the eagles breast details. The most exquisite feature, despite of all of the above, is the premium originality of the present piece. Nearly every single 18th century gold coin has been cleaned, damaged or struck on an imperfect planchet. The present coin has absolutely none of that, with premium quality orange-golden surfaces and fresh and abundant luster. This offering represents a safe and potential rewarding investment and a simply stunning coin from the earliest days of gold production at the Philadelphia Mint.