Bill Jones' complete gold coin type set
$5 Draped Bust, Small Eagle 1795-1798


Obverse
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Reverse
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Coin Details

  

Set Details
Origin/Country: United States
Design Description: HALF EAGLES - DRAPED BUST
Item Description: $5 1795 SMALL EAGLE
Grade: PCGS AU 55
Owner: BillJones
 
Winning Set: Bill Jones' complete gold coin type set
Date Added: 3/27/2007
Research: See NGC's Census Report for this Coin

Owner's Description

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 both men, they could not raise the required amount. Finally Thomas Jefferson, who as the first secretary of state was in charge of 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, purchased 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 called 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. These coins were intended to showpieces for the United States, and because of that 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. 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 with 175 to 225 pieces known in all grades.

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