The world of rare coins is fascinating, especially when it comes to historical pieces like the 1795 $5 Gold Half Eagle. Collectors from around the globe are always on the lookout for such treasures, and Stack’s Bowers Galleries is excited to offer one of these rare coins in their August 2024 Rarities Night Auction. This particular coin is unique because it is one of the finer-known prooflike (PL) examples of its kind, graded MS-63 PL by the NGC.
Let’s dive deeper into the history and significance of this special coin.
What Makes the 1795 $5 Gold Eagle Special?
The year 1795 marks a significant moment in U.S. history, as it was the first year the $5 Gold Half Eagle was minted. Although the U.S. Mint was authorized to produce coins as early as 1792, several delays occurred due to high personal surety bond requirements. These requirements were finally lowered by 1795, and enough gold was purchased to create the first official U.S. gold coins.
In total, 744 gold half eagles were produced on July 31, 1795, marking the beginning of U.S. gold coinage. This makes the 1795 $5 Gold Eagle one of the most sought-after coins by collectors.
Die Marriages and Mintage Details
Coins like the 1795 $5 Half Eagle are often struck using multiple dies. For this coin, eight obverse (front) and nine reverse (back) dies were used, leading to 12 known die marriages. The coin offered by Stack’s Bowers is from the BD-3 die marriage, the most common one, with experts estimating that between 2,000 and 3,000 coins were struck using these dies. Although historical records suggest 8,707 coins were minted in 1795, some experts believe that as many as 12,106 coins may have been made.
Unfortunately, many of these coins were melted down in the 19th century, reducing the number of surviving examples to a few hundred today.
Why Collectors Love the 1795 $5 Gold Eagle
The 1795 $5 Gold Half Eagle holds a special place in history as the first U.S. gold coin ever produced. This fact alone makes it highly desirable among collectors. Additionally, the BD-3 die marriage, like the one in Stack’s Bowers auction, is the most accessible for collectors. The coin’s rarity, historical significance, and beauty make it a prized possession for any advanced collector.
Special Features of the Coin in the Auction
The coin featured in the August 2024 auction is not just any 1795 $5 Half Eagle—it is a prooflike (PL) example, graded MS-63 PL by the NGC. Only seven coins from this date have received the PL designation, making this coin even more rare and valuable. According to the auction catalog, the coin has a warm honey-orange color with highly reflective fields and softly frosted devices. This creates a cameo effect, where the raised parts of the coin (the devices) stand out against the background (the fields).
The surfaces of this coin are remarkably clean, free of any distracting marks or imperfections. The striking details on the coin are also sharper than what is typically seen on coins from this era, making it an exceptionally attractive piece.
Conclusion
The 1795 $5 Gold Half Eagle is a coin steeped in history and collector appeal. As the first U.S. gold coin ever produced, it holds a special place in the hearts of numismatists. The coin being offered by Stack’s Bowers Galleries is an exceptionally rare and well-preserved example, making it an exciting opportunity for collectors in the upcoming August 2024 auction. With its unique prooflike quality and historical significance, this coin is sure to attract significant attention.
Whether you are a seasoned collector or a history enthusiast, the 1795 $5 Half Eagle represents a timeless piece of American history, offering both beauty and value.
Die Marriages for the 1795 $5 Half Eagle
| Die Marriage | Estimated Number Struck | Notes |
|---|---|---|
| BD-1 | 500-1,000 | Rare die marriage |
| BD-2 | 1,500-2,000 | Scarcer than BD-3 |
| BD-3 | 2,000-3,000 | Most common die marriage |
Grading Scale for 1795 $5 Gold Eagles
| Grade | Description | Value |
|---|---|---|
| MS-63 PL | Mint State, Prooflike | Very High |
| MS-62 | Mint State | High |
| AU-55 | Almost Uncirculated | Moderate |
What makes the 1795 $5 Gold Eagle so valuable?
The 1795 $5 Gold Eagle is valuable because it was the first U.S. gold coin ever minted. Its rarity, historical significance, and beautiful design make it highly sought after by collectors.
What is a die marriage?
A die marriage occurs when a specific pair of dies (obverse and reverse) are used to strike a coin. The BD-3 die marriage is the most common for the 1795 $5 Gold Eagle.
What does “prooflike” (PL) mean?
Prooflike” refers to a coin that has reflective surfaces similar to a proof coin, but it was not struck with the same care as a proof coin. PL coins are rare and often more valuable.
How many 1795 $5 Gold Eagles are still in existence?
Experts estimate that only a few hundred 1795 $5 Gold Eagles have survived, as many were melted down in the 19th century.
Why is the MS-63 PL grade important?
MS-63 PL is a high grade for a coin of this age, meaning it is in excellent condition. The PL designation further enhances its value due to its reflective surfaces.
