Heritage World Coin Auctions
FUN Signature US Coin Sale 1251 4-6 & 8-9 Jan 2017
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Early Half Eagles
1795 $5 Large Eagle, BD-14, High R.6, AU53 PCGS. Bass-Dannreuther Die State c/c. The 1795-dated Capped Bust Right half eagles with the Heraldic Eagle reverse were almost certainly struck in 1797 or 1798. Three die varieties are known for the date and type, formed by combining three leftover obverse and two reverse dies. All three varieties were produced in small numbers and are quite elusive today. This coin represents the rare BD-14 variety, with two points of star 10 pointing to the cap, and the left foot of A in AMERICA below and near the fourth wing feather. The BD-14 has a surviving population of 14-18 examples in all grades and probably accounted for 250-530 examples of the reported mintage. The obverse die was used previously to strike the BD-7 Small Eagle variety in 1795, and the reverse was also used to strike the extremely rare BD-13 Large Eagle variety, of which only a single specimen is known.
Because all the 1795 Large Eagle varieties are seldom encountered (PCGS CoinFacts estimates about 50 specimens survive, including all varieties), there was little opportunity for 19th century numismatists to study and compare the issues. It seems the individual varieties went unrecognized until the early 20th century, but the Large Eagle subtype was identified in the early days of the hobby and its rarity was fully appreciated by early catalogers. One specimen, whose description resembles the coin offered here, was offered in lot 1626 of the Fifth Semi-Annual Sale (W. Elliot Woodward, 10/1864):
"1795 With Large Eagle reverse; in very fine condition, only slightly touched by circulation; one of the rarest of the gold series."
The lot realized $41, a strong price for that era, to Heman Ely, of Elyria, Ohio. The current price realized record for the 1795 Large Eagle half eagle is $282,000, brought by the MS64 PCGS specimen in the D. Brent Pogue Collection when it sold in September of 2015. The Pogue coin was the more available BD-15 variety, however. The record for the BD-14 variety was set by the MS64 PCGS James A. Stack coin, when it sold in a Bowers and Merena auction in 2003, 14 years ago, bringing $241,500. All things being equal, we believe the BD-14 is clearly a more challenging, valuable issue.
The present coin is an attractive AU53 example, with just a trace of wear on the strongly impressed design elements. Some evidence of lapping shows, as the die crack through MERIC is decidedly faint. The pleasing antique-gold surfaces are lightly abraded and traces of original mint luster are evident in sheltered areas. The overall presentation is most attractive for this rare, enigmatic early gold issue.
From The Hutchinson Collection.
1795 $5 Large Eagle, BD-14, High R.6, AU53 PCGS. Bass-Dannreuther Die State c/c. The 1795-dated Capped Bust Right half eagles with the Heraldic Eagle reverse were almost certainly struck in 1797 or 1798. Three die varieties are known for the date and type, formed by combining three leftover obverse and two reverse dies. All three varieties were produced in small numbers and are quite elusive today. This coin represents the rare BD-14 variety, with two points of star 10 pointing to the cap, and the left foot of A in AMERICA below and near the fourth wing feather. The BD-14 has a surviving population of 14-18 examples in all grades and probably accounted for 250-530 examples of the reported mintage. The obverse die was used previously to strike the BD-7 Small Eagle variety in 1795, and the reverse was also used to strike the extremely rare BD-13 Large Eagle variety, of which only a single specimen is known.
Because all the 1795 Large Eagle varieties are seldom encountered (PCGS CoinFacts estimates about 50 specimens survive, including all varieties), there was little opportunity for 19th century numismatists to study and compare the issues. It seems the individual varieties went unrecognized until the early 20th century, but the Large Eagle subtype was identified in the early days of the hobby and its rarity was fully appreciated by early catalogers. One specimen, whose description resembles the coin offered here, was offered in lot 1626 of the Fifth Semi-Annual Sale (W. Elliot Woodward, 10/1864):
"1795 With Large Eagle reverse; in very fine condition, only slightly touched by circulation; one of the rarest of the gold series."
The lot realized $41, a strong price for that era, to Heman Ely, of Elyria, Ohio. The current price realized record for the 1795 Large Eagle half eagle is $282,000, brought by the MS64 PCGS specimen in the D. Brent Pogue Collection when it sold in September of 2015. The Pogue coin was the more available BD-15 variety, however. The record for the BD-14 variety was set by the MS64 PCGS James A. Stack coin, when it sold in a Bowers and Merena auction in 2003, 14 years ago, bringing $241,500. All things being equal, we believe the BD-14 is clearly a more challenging, valuable issue.
The present coin is an attractive AU53 example, with just a trace of wear on the strongly impressed design elements. Some evidence of lapping shows, as the die crack through MERIC is decidedly faint. The pleasing antique-gold surfaces are lightly abraded and traces of original mint luster are evident in sheltered areas. The overall presentation is most attractive for this rare, enigmatic early gold issue.
From The Hutchinson Collection.