1827 $5 (1827 Half Eagle) NGC MS62 CAC. Early Half Eagle. BD-1, R5+. When looking at this rare Capped Head 1827 Half Eagle, the names Bass, Garrett, Naftzger, Wolfson, Clapp, and Eliasberg come to mind. While this coins specific provenance is unknown, it is quite possible to have come from a famous numismatic collection such as one of these. The coin is a deep reddish-gold on both sides. The strike is sharp on the obverse with full details seen on the centers of the stars and the lines of Libertys hair. The reverse strike is above average with just a touch of softness on the left border of the shield and the eagles wings. Smoldering mint luster is seen in protected areas on both obverse and reverse. The coin shows no wear, as expected for a mint state piece, and the surfaces are original, clean, and, for the grade, free of distractions worthy of individual mention. The date is evenly spaced and centered. The reverse, which was also used for the 1826 issue, has small letters; the tip of the feather is over the center of the 5, a tiny flattened period is used in the denomination, and the last S of STATES is recut. Since there was only one die pairing used for this date, there are no varieties.

John Reich designed the 1813 to 1815 Capped Head half eagles. A fire at the Mint in January 1816 prevented gold from being coined through 1817, when Reich resigned his position. In 1818 Engraver Robert Scot modified the Capped Head half eagle, which was now re-make of Reichs design. It shows a close-up profile of Liberty facing left. She wears a LIBERTY inscribed cap that was intended to represent a Phrygian cap and is encircled with thirteen six-pointed stars; the date is below the portrait. The reverse shows a defiant heraldic eagle facing left. Its open mouth shows a pronounced hook-like upper beak and an aggressively bent neck. Its wings are raised as it grasps in its talons three arrows and an olive branch, symbols of preparedness and peace. Between the wings, on a banner, is the motto E PLURIBUS UNUM. The required inscription UNITED STATES OF AMERICA surrounds the coin, interrupted by the wing tips, and the denomination written as 5 D. is below.

Scots portrait of Liberty is a rather crude copy Reichs motif. Libertys hair is coarser than on Reichs device, and her cap is more wrinkled. Also, the notched star, Reichs signature, no longer appears. Scot retained Reichs reverse, which corrected his previous error in heraldry. He had placed the arrows in the eagles right or dexter claw and put the olive branch in the left or sinister claw. This reversal of the positions of these two items is an inaccurate modification of the Great Seal of the United States. Arrows in the right claw symbolize extreme militarism, which may have been done as a warning to France and other European countries concerning the sovereignty of the United States. During the John Adams administration, the country was engaged in an undeclared war with France over shipping rights. On both the Capped Bust and the Capped Head half eagles, the error is corrected and the olive branch is in the right claw and the arrows are in the left. Reich added the denomination to gold and silver coins. This innovation had not been done previously because coins, especially in Europe, were valued for their metallic content and weight.In 1825 Mint Director Samuel Moore wrote to Thomas Jefferson asking him about the proper emblem of Liberty for our coins. Jefferson replied that the Phrygian cap was not appropriate to be worn on the head of a goddess on United States coinage since we were never slaves. Nonetheless, the cap remained until the Capped Head half eagle was replaced by the Classic Heads of 1834.

Thomas Jefferson chose Robert Scot to be the first Chief Engraver of the United States Mint on November 23, 1793. Scott was born in 1744 in Edinburgh, Scotland or England. (Documentary evidence is lacking as to where he was born.) He was trained as a watchmaker in England and learned engraving afterwards. He moved to the United States in 1777, where he worked as an engraver of plates, bills of exchange, and office scales. During the Revolution, he was an engraver of paper money. In 1780 he was made the State Engraver of Virginia. He moved to Philadelphia the next year. He was appointed Chief Engraver of the United States Mint on November 23, 1793 by David Rittenhouse, Mint Director. His salary in 1795 was $1,200 per year. The Mint Director received only $800 dollars per year more. Scots ability to make dies was limited, and he was advanced in years with failing eyesight. His work was somewhat less than that done in Europe at the time, and Scot was criticized for its poor quality. He was responsible for designs of most of Americas first coins. These include the Flowing Hair and the Draped Bust motifs used on the early silver coins, and the gold quarter eagle, half eagle and eagle. Scot also designed the 1794-1797 half cent, the 1800-1808 draped bust half cent, and the Thomas Jefferson Indian Peace Medal. Scot died on November 1, 1823 and was succeeded by William Kneass as Chief Engraver.

Johann Reich, a skilled engraver, was born it Bavaria and came to the United States around 1800. In order to finance his passage, he sold himself into servitude. President Thomas Jefferson recommended that Reich be hired as an engraver at the Mint in 1801. While serving in Washingtons Cabinet, Jefferson had been in charge of the Mint as Secretary of State. When he was in France, Jefferson developed a working knowledge of the minting process. Reich was hired for other duties, but he eventually became an engraver at the Mint. He had a superb eye for the complicated aesthetics of coin engraving. At this time his freedom was purchased by an unknown mint official. Although Chief Engraver Robert Scot designed most of the coins at the mint since 1794, it was said that Reich had much more talent and ability than Scot.

In 1807, Reich was promoted to the position of Assistant or Second Engraver by Robert Patterson, the new Mint Director. Jefferson had urged Patterson to make this promotion because Scots eyesight was failing him. The promotion was timely because Reich was considering returning to Europe out of boredom with the menial tasks he had been assigned by Scot. Immediately Patterson assigned Reich the task of redesigning the nations coinage. He began with the half eagle and the half dollar, the two most important coins for commerce. After working for ten years as Assistant Engraver at the mint, Reich resigned in 1817. He had received no pay raise or promotion and little praise from the jealous and petty Robert Scot. Scot remained the Chief Engraver until his death in 1823.

Despite its original mintage of 24,913, 1827 half eagle and others of its design are among the most difficult to obtain in any condition. The reason is that much melting took place because of a huge influx of silver from Mexico and South America. This great increase in the supply of silver led to a rise in the value of gold worldwide. Gold coins were melted in large numbers because their bullion value exceeded their face value. For example, in Paris in 1831, 40,000 United States half eagles dated 1815 to 1830 were melted. Since almost entire mintages were melted, only small fractions of survivors remained. Consequently all dates in the 1821 to 1829 years are rare today. Breen estimates that for 1827-28 less than 0.05% of the half eagles were not melted.

PCGS estimates that about 30 1827 half eagles exist in all conditions. Its population report shows that 14 have been certified. NGC has certified 15 in all conditions. Its population report shows 4 in MS62 with 9 better. These numbers do not account for crossovers and resubmissions. As of January 2012, CAC shows 3 in MS62 with 1 better. Clearly this coins historic importance and rarity will make it the centerpiece of any fine numismatic cabinet.