Half Eagles
1800 Pointed 1, BD-1 $5 Draped Bust $5 NGC AU55
Written/Compiled by Dennis
Hengeveld
The 1800 half eagle is considered by many to have
excellent investment potential. As many gold issues from the
same era, its exact mintage is unknown. In their U.S. Gold
Coin Varieties reference on the subject Bass-Dannreuther
estimate the total mintage to have been between 15,000 and
30,000. Breen, in his Encyclopedia mentioned a number of
37,628, and perhaps more. These include 26,006 half eagles
struck in 1801 but obviously dated one or more of the
previous year, as no half eagles dated 1801 are known to
exist. Most sources quote these pieces to have been dated
1800 but it would also be possible that the various
deliveries included further backdated issues. With an
estimated number of survivors ranging between 600 and 700 in
all grades, the number of 30,000 might be very close to the
truth, although it seems generous at first for an early gold
issue. Because of the number of pieces available to
collectors in modern times this coin has also been
considered to be a perfect type coin in a set of American
(gold) coinage.
Five different die pairs are known to have
struck 1800 dated half eagles, roughly divided into two
groups. The first, used on a single variety with perhaps
no more than five pieces known in all grades, shows a
pointed 1 in the date. The other, more available variety
called Blunt-1 is much more available and all other 1800
half eagles were struck using this obverse die. The
pointed 1 variety (BD-1, R-7) is further identified by
the use of a reverse die which is known to have struck
1799 half eagles. The use of the same die in multiple
years further indicates the complexity of determining
true mintages of a certain issue. The early American
Mint did not care much for what they produced, as long
as it just produced gold coins. Because of this we now
have a wide variety of early American gold coins,
including issues which probably should not have existed
at all if the Mint would have noticed design changes
more carefully!
One of the more available blunt 1 varieties, identified
as BD-4, appears to be the most interesting. It is one
of the more available die varieties for this year with
an R-4 rarity rating and an estimated 125 to 175 pieces
known in all grades. Breen thought that the M in AMERICA
on the reverse was a small over large M, and that
conclusion remains to be popular in auction catalogues.
However, further research has indicated that it more
likely is a repunched M, using the same punch for both
impressions. Bass-Dannreuther mentions that there might
have been a remarriage of the reverse die, most likely
after it struck a number of BD-5 coins. While not
confirmed this would not be unlikely and such a piece
would be identified by a terminal state of the obverse
die as some BD-5 coins are known in that state. It would
also shed further light on the emission sequences of
this issue, a study which remains ongoing as more
examples of certain varieties are discovered and
studied.
As previously mentioned this is an excellent
issue for inclusion in a type set or a variable portfolio of
gold coins as an investment. Pieces are usually easily found
in most grades, and especially (lightly) damaged pieces are
cheap compared to other dates of the type. However, the
serious collector would most likely choose to wait a bit
longer before the right example comes along. This should not
take long, as it is offered with regularity at the major
auctions, unlike the earlier dates of the type struck in the
late 18th century. In uncirculated condition it is available
as well, up to MS-62 but higher graded pieces remain rare.
Any MS-63 or higher piece should be considered with great
care when it becomes available, as these remain rare and
also in demand because of the aforementioned reasons. Only
one or perhaps two are known to exist in gem condition, both
graded MS-66.
