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1795 Half Eagle with the Small Eagle Reverse

Started by BillJones,

26 posts in this topic

BillJones

BillJones

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1795HalfEagleO.jpg1795HalfEagleR.jpg

 

I know that there is a place here for “new acquisitions,” but I was so happy to find this coin at the recent Baltimore show, I can’t resist the urge to show it off here and write about its history. This coin is a PCGS graded AU-55.

 

The 1795 half eagles were the first U.S. gold coins. The entire mintage, which totaled 8,707 pieces, was delivered from the first U.S. mint from July 31 to September 16. At the end of that period, the mint apparently switched over to producing the 1795 eagles or $10 gold coins.

 

Although the Coinage Act of 1792 authorized these coins, none could be produced during the first two years of the mint’s operations. The primary reason for this was that the Chief Coiner and the Chief Assayer were required to post $10,000 bonds before they would be permitted to handle gold and silver. Since the bonding requirements were equal to more than seven years’ gross salary for either man, they could not raise the required amount. Finally Thomas Jefferson, who as the first secretary of state was responsible for overseeing the mint, arranged for loans and a reduction in the bonding requirements, which allowed these men to do their jobs.

 

The obverse of the coin featured a portrait of Ms. Liberty that was inspired the fashions of the period. The reverse featured a small, some called him a scrawny eagle, perched on a palm branch with a laurel wreath in its beak. The laurel wreath may have been symbolic of the American victory over colonialism that had brought the United States into existence. Although the small eagle design is a collectors’ treasure today, critics at the time criticized this bird and the others that appeared on the first silver coins a “sick turkey.” As a result the design was soon replaced. The 1795 half eagle is the most common date in the small eagle series, which also includes the years 1796 and ’97.

 

The early U.S. gold coins were issued to serve two purposes. First, it was hoped that these pieces would facilitate large economic transactions at home and abroad. Second, these pieces were intended to be bold statements of nationalism. The coinage of gold was symbolic of having arrived as a significant nation on the world stage, and the U.S. wanted these coins to be as beautiful as possible.

 

The mint took great care in their production. Despite the small mintage, the mint used eight obverse and nine reverse dies to produce these coins. The dies were used for only small runs before they were refurbished or discarded. As a result most 1795 half eagles in AU or better display proof-like surfaces. Used in various combinations, there are 12 known varieties of 1795 half eagles with the small eagle reverse. This piece, which is listed as BD-3, is the most common variety with 175 to 225 pieces known in all grades.

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WoodenJefferson

WoodenJefferson

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AnhingaWaterTurkey.jpg

I always thought that eagle resembled the Water Turkeys (Anhingas) we'ed see out on dead limbs drying their feathers after some underwater fishing.

 

That's a great coin Bill...thanks for all the historical information that goes along with that year.

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rexcat

rexcat

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Yes in deed that is a WOW coin!! hail.gif

 

Congratulations on your new coin Bill! 893applaud-thumb.gif

 

Woodenjefferson, Your Water Turkey photo DOES look like the reverse of Bill’s coin. How strange. 893scratchchin-thumb.gif

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rbrown4

rbrown4

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Bill,

 

That is truly an amazing find and acquisition. Congratulations on becoming the owner of such a fine gold piece. And to get it in AU-55 as well, it looks wonderful.

 

My hat goes off to you....

 

Rey (rbrown4)

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Hoot

Hoot

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Truly an amazing coin, Bill. thumbsup2.gif Nice slice of some history as well.

 

WJ - Fabulous anhinga photo. 893applaud-thumb.gif

 

Hoot

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MikeKing

MikeKing

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thanks for the rendition and displaying your beautiful coin.

Bill, you are a collector we can all look up to.

Thank you for sharing.

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BillJones

BillJones

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On interesting bit of history about the 1795 U.S. gold coins concerned the interim mint director at the time. The first mint director, David Rittenhouse, was ill and had expended much of his energies in getting the first mint up and running. George Washington asked Henry William DeSaussure to take Rittenhouse’s place. DeSaussure did not want the job, but he agreed to do it for a short time.

 

DeSaussure came to office with two objectives. The first was to get the first gold coins into circulation. The second was to improve the appearance of the coins that the mint was issuing. To that end DeSaussure publicized the fact that the mint was now ready to coin gold pieces and asked for consignments. He also asked mint engraver, Robert Scott, to develop designs and make dies for the new coins. By July 31 DeSaussure signed the first warrant for the delivery of the first half eagles.

 

DeSaussure’s nomination was never approved by Congress, and he resigned the mint director’s position after having served in it for less than a year.

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