1795 Capped Bust Right Half Eagle. Small Eagle. BD-3. Rarity-3+. MS-62 (PCGS).

1795 Capped Bust Right Half Eagle. Small Eagle. BD-3. Rarity-3+. MS-62 (PCGS).，Premium quality in all regards, this nearly Choice Mint State 1795 half eagle is sure to sell for a strong bid to an advanced numismatist. Vivid deep gold patina blankets surfaces that are appreciably prooflike. Yet whereas the fields are semi-reflective, the devices are set apart with a soft satin texture. Overall fully defined from a nicely centered and well executed strike. This is an attractive and important coin that has tremendous historical significance.<p>As with the larger $10 eagle, the $5 half eagle was authorized by the Act of April 2, 1792, that established the United States Mint and defined the nations monetary system. These earliest gold coins do not include an expression of the denomination as part of the design, a curious feature for someone familiar only with modern U.S. coinage. This was no oversight, however, as these denominations were stated by law in the aforementioned 1792 Act. Section 20 states "That the money of account of the United States shall be expressed in dollars or units, dismes or tenths...." Naturally, the value of gold to silver was also set forth in this Act. The Act defined the ratio of pure silver to gold as 15 parts to one being of equal value. Therefore, the relative denominations were consistent fractions, tenths or related logical fractions of the "unit" or dollar measure of silver or gold. Merchants always weighed coins in transactions, and their values were determined by experience and the trustworthiness of the money issuer. A gold half eagle would be understood to contain the proper ratio of gold to silver, being worth five silver dollars or units. Clearly the young United States of America had to prove sound coinage on an international, as well as local front.<p>The Act of 1792 also stated "That the said assayer, chief coiner and treasurer" of the Mint each had to be bonded to the United States of America for $10,000 with the condition for the faithful and diligent performance of the duties of their respective office. A $10,000 bond was a staggering amount of money at the time. It was only after a reduction in the bond requirement and the help of sureties, that the beginning of gold coinage was achieved in July 1795 with the delivery of the first half eagles. Ten-dollar eagle coinage began in September of that year.<p>The Capped Bust Right half eagle and eagle are both the work of Robert Scot, who became engraver at the Philadelphia Mint after Joseph Wright died in one of the annual yellow fever epidemics. Scots device punch for Libertys portrait was used to create new dies as they were needed. He is also believed to have created the delicate "small eagle" hub punch for the reverse.<p>Mint records state that 8,707 half eagles were struck in 1795, although based on the number of coins extant John W. Dannreuther (<em>Early U.S. Gold Coin Varieties: A Study of Die States, 1795-1834</em>, 2006) estimates that the mintage could have been upward of 12,106 pieces. The Mint prepared eight obverse dies for 1795-dated half eagle production, and with high quality steel in short supply, the coiners almost certainly continued to use these dies in later years. This was common practice in the early United States Mint, making yearly mintage figures a poor indicator of the actual number of coins struck for many issues.<p>While it was not the first variety produced, BD-3 is the most available of the 12 known die marriages of the 1795 Small Eagle five. In an absolute sense all pre-1834 U.S. gold coins are scarce, and many are rare. The 1795 BD-3 half eagle is in the former category with approximately 200 examples known, most of which are circulated to one degree or another. Problem free, aesthetically pleasing Mint State examples such as that offered here are rare from a condition standpoint. With strong demand from early gold enthusiasts and high grade type collectors, this coin is sure to see spirited bidding at auction.，From the A.J. Vanderbilt Collection. Earlier from our (Stacks) sale of the R.T. Davis Collection, February 1968, lot 121. Lot tag included.，