1795 $5 Draped Bust Small Eagle NGC AU58 CAC

Introduction

The 1795 $5 Draped Bust Small Eagle Half Eagle graded NGC AU58 CAC is an exceptional example from the dawn of United States gold coinage. The Half Eagle was the first gold denomination struck by the U.S. Mint, giving the 1795 issue an important place in American numismatic history. Graded AU58 by Numismatic Guaranty Company (NGC), this example sits just below Mint State, while CAC approval recognizes its quality and eye appeal within the assigned grade.

History

The Coinage Act of 1792 authorized three federal gold denominations: the $2.50 Quarter Eagle, $5 Half Eagle, and $10 Eagle. The Half Eagle became the first of these denominations to enter production when the Philadelphia Mint began striking $5 gold coins in 1795. As a result, the 1795 Half Eagle represents the beginning of federal gold coinage in the United States.

The earliest Half Eagles paired Robert Scot's portrait of Liberty with a small eagle reverse. The Small Eagle design was short-lived and was eventually replaced by a heraldic eagle reverse based on the Great Seal of the United States. Although some Heraldic Eagle Half Eagles bear the date 1795, these pieces were struck later using previously prepared 1795-dated obverse dies. Today, the 1795 Small Eagle remains a scarce survivor from the earliest years of the U.S. Mint, with only a fraction of the original coins believed to remain across all grades.

Design

The obverse features a right-facing portrait of Liberty with flowing hair and a draped bust. The inscription LIBERTY appears above the portrait, while fifteen stars surround Liberty and the date 1795 appears below.

The reverse features a small eagle with outstretched wings, holding a wreath in its beak and a palm branch in its claws. The inscription UNITED STATES OF AMERICA surrounds the design. Unlike later Half Eagles, the coin does not display its $5 denomination, a characteristic of early U.S. gold coinage.