1795 Gold Eagle - The largest denomination
struck in coin until the mid 19th century was the gold eagle,
or $10 gold coin. Established by the Mint act of 1792, it
was also called the coinage act of April 2, 1792. In Section
nine of the Mint act, the denomination of the largest gold
coinage was specified:
EAGLES--each to be of the value of ten dollars
or units, and to contain two hundred and forty-seven grains
and four eighths of a grain of pure, or two hundred and
seventy grains of standard gold.
This weight was specified at 16 grams of
pure gold or 17.5 grams of standard gold, which added a
small percentage of other metals (mostly silver with some
copper) to make the metal more durable in circulation. While
authorized in 1792, it would take until 1795 before the
first eagles were struck, after several denominations of
copper and silver coins, and the first gold coins valued
at five dollars (half eagles).
The first eagles were designed by Chief
Engraver Robert Scot. Personally appointed by President
Thomas Jefferson, Scot had taken the position in November
of 1793. Born in England, he appeared in the early 1780s
in Philadelphia, where he apparently worked as a watchmaker.
Within a few years, he was also engraving, as several Revolutionary
notes are known from his hand. Although not dated, an engraving
in the book “Freemasonry in Pennsylvania 1727-1907”,
published in 1908 showed an engraving of Mason’s Arms
by Robert Scot. The book notes that “this appears
to have been his earliest work in this country”.
The first eagles utilizing Robert Scots
design were struck in September of 1795. The first of these,
a total of 1,097 $10 gold pieces were delivered on the 22nd
of that month, and it is believed that these were all of
the BD (Bass-Dannreuther, Early U.S. gold coin varieties)-1
die pair. This variety appears to be the most common die
pair of this type, although collecting and classifying these
by variety is a study only undertaken by the most ambitious
specialists. The estimated mintage of this variety is between
2,795 and 5,583 in that reference, as early mintages are
vague and unreliable. The number of pieces known ranges
between 250 and 350. Compared to the other varieties, this
variety appears to be the most available, with the other
three 1795, 13 leaves varieties ranging from R-4+ (90-110
known) to R-5 (35 to 60 known). The latter varieties are
believed to have been struck until 1796 or even 1797, as
the early dies were used until they were completely unusable,
often after being severely lapped and put back into usage.
There are two distinctive varieties known
for the 1795 eagles, which are also listed in the Red book.
Besides the previously mentioned 13 leaves variety, with
thirteen leaves under the eagle, each representing one of
the states in 1776, there is also a 9 leaves variety. The
reason for its existence is unknown, but it appears to be
made intentional, with the 11 leaves varieties known for
both 1796 and 1797 eagles. In any case, the 9 leaves 1795
eagles (BD-3) are very rare with approximately twenty pieces
known in all grades, making it the rarest variety for the
type. Most of the remaining pieces are in lower grades,
but a number of uncirculated examples are known as well.
These are mostly impounded in specialized collections, and
every opportunity to obtain one should be considered with
great care.
The 13 leaves variety is much more available,
and in fact the most common coin for the type. This variety
is occasionally available in high grades, exhibiting semi
prooflike surfaces. The finest piece has been graded by
NGC as MS-66, but has not been auctioned or appeared at
the public market in that grade yet. A number of MS-63 and
MS-64 pieces are included in private collections and auctions
with irregularity, with the majority of uncirculated pieces
in the MS-60 to 62 grades. Circulated coins are available
on most auctions, often cleaned and damaged, offering great
opportunities for collectors on a tight budget. With its
popularity as type coins, however, one should not expect
to find a bargain when buying a 1795 eagle in any grade.
Conscious collectors should opt to include premium-quality
pieces with high eye-appeal, showing the magnificent status
this large, early United States gold coinage have held for
the last two centuries.
