1798 $5 (1798 Half Eagle) Large Eagle, Small 8 (BD-6, R-6) NGC AU55. One of many rare early gold dates, and a variety which is seldom encountered in any grade, especially with original surfaces. Certified by NGC in a new holder, this half eagle only shows some minor signs of circulation, and appears to us to be of premium quality to us. Only thirty to forty examples of this rare variety are known, which has an estimated total of 2,250 to 3,250 pieces, a small part of the total mintage of this date, believed to have been 24,867 five dollar gold pieces.

The large eagle, normal 8 variety of the 1798 $5 gold piece has a separate listing in the Red Book, but still does not attract as much attention as the 14 star reverse of the same year. Both major varieties are believed to be of roughly the same rarity, although only a single die pair struck the 14 star reverse variety. The normal 8 variety, as listed in the red book and other major references, was struck by three different die pairs, each having individual obverse and reverse dies not used on other varieties. BD-7, most likely struck around the same time as the present coin has less than a dozen pieces known to exist. BD-8 is slightly more available, with possibly as much as fifty examples known to exist in all grades (which is obviously still a low number but not out of the ordinary for this series).

The normal 8 variety was usually identified in earlier references as small 8, and it still is in various references. However, as noted by Bass-Dannreuther, the numeral 8 is not noticeably larger as the other numerals, as opposite to the large 8 variety, which has the final numeral much larger compared to the others. The present variety is usually identified by both the size of the 8 as well as its position, touching the bust of Liberty. On both other varieties of the normal 8 obverse the final numeral is free from the bust. As the reverse has only been used on this variety (and later on the 1799, BD-9 variety) this coin is easily identified as being the rare BD-6 variety.

The obverse die was only paired with the reverse die encountered here, as it is obvious on this coin that it was a die that did not last long during production. A large, bisecting die-crack had already developed by the time the present coin was struck, and runs through the B in LIBERTY all the way through the thirteenth star. The reverse also has a bisecting die crack, starting to the left above the O in OF and down through the right wing, ending just under it in the field. It appears that the die crack on the obverse soon developed into a die brockage, but the reverse obviously lasted longer as it was also used on the previously mentioned 1799 variety.

The present specimen remains in remarkable fine condition. Only some minor signs of circulation are noted, and luster remains prominent in the protected fields. The reverse has a few minor adjustment marks, as made, but no major marks are noted on either side. Moderately weakly struck on the weak side, as many are and an indication of the primitive circumstances these early American gold coins were produced in. In all, this rare and high grade early American gold coin will please each specialist as well as the investor seeking a variable portfolio of early and rare gold coins.