Half Eagles
1796/5 $5 Small Eagle NGC AU50
Written/Compiled by Dennis
Hengeveld
The second year of regular gold coinage
production in the United States saw a limited number of 1796
eagles produced. The largest denomination in coinage,
authorized in 1792, had an estimated 3,500 to 4,146 pieces
produced for circulation. These estimates have been widely
fluctuating, and most students of the early gold series have
come up with various theories as to the true mintage, based
on the various deliveries made in the years 1795 to 1796.
During the calendar year of 1796, the different varieties
made up a total of 6,934 ten dollar gold coins struck for
circulation. However, there is an important aspect of
history that makes the high estimate to be unreliable.
The state of Tennessee joined the Union on
June 1, 1796. By doing so, it was the sixteenth state
that formed the United States of America, with three
being added after the original thirteen had formed in
1776. As was usual during the first few years of
production, a star was added for the state on the
nation’s coinage. As such, the 1796 eagles that would be
struck before June would carry fifteen stars, and those
minted afterwards would carry sixteen, with the added
star for Tennessee. Yet, things are not that simple.
First of all, there is not a single 1796 eagle known
with fifteen stars, all have sixteen stars, although
there were pieces struck and delivered during the early
months of 1796.
All eagles dated 1796 were struck from a single
die pair. The sixteen stars on the obverse are arranged
evenly, with eight to the left of the portrait and eight to
the right. The reverse is a new die, showing eleven leaves
under the eagle, instead of the previously used thirteen or
nine. It is unknown if this is done on purpose, perhaps as
an experiment, or if this was an engraving error. The
reverse die was later paired with the only die pair of the
1797 small eagle ten dollar gold pieces, which were struck
before the reverse die design was completely changed.
One interesting observation can be made from the use of
these dies. By studying die markers as cracks, clashing and
lapping, the use of the dies can carefully be reconstructed.
The most recent work on this subject has been written by
Bass-Dannreuther (Early U.S. Gold Coin Varieties), which
also deals with the lower denominations of gold coinage.
What we see here is a prime example what makes the
studying of early United States coinage so interesting,
but at the same time confusing. To prevent the rise of
unneeded costs at the United States Mint, workers were
instructed to use dies until they were unfit for
coinage, whatever the date was on the coinage. This has
led to the situation that we can’t be sure when the
coins were actually struck, as dies were often used in
different years than those shown on the coins.
In this case, a single 1796 eagle shows positive
marks that it was struck after a majority, if not all 1797
eagles. While only a single piece is known, it is unknown if
it was created intentionally, part of a separate delivery or
just a mere coincidence. Unless a document of the United
States Mint is discovered showing details of the usage of
dies, which is extremely unlikely as such a document never
turned up during the last 200 years, we will never know the
story of that particular coin.
Overall, the 1796 eagle is a coin that is
extremely scarce in any grade, with approximately 125 to 175
pieces known in all grades. Most of these will grade About
Uncirculated, showing at least moderate signs from
circulation. Correctly graded uncirculated coins are
extremely rare, with most estimates showing eight to twelve
known in all uncirculated grades, at most. While the
population reports show considerable higher numbers, it can
be assumed that these include a large number of
resubmissions in hopes of a higher grade. On the other hand,
this issue is seldom found in grades below extremely fine,
and if they do most show problems of various kinds. These
pieces are usually avoided by many collectors, but do offer
some opportunities for the budget-minded collector, although
they are still not cheap and easily available.
