Mint Engraver Christian Gobrecht developed the Coronet type gold coin for the
purpose of replacing the
Classic Head design. The $10 Eagle began carrying the
new design in 1838. In keeping with Mint tradition of uniformity, the $5 Half
Eagle and the $2.50 Quarter Eagle transitioned to the Coronet type in 1839 and
1840 respectively.
No one could have predicted the steadfastness of Gobrecht’s work. Coronet
coinage continued uninterrupted until 1908, a run of 70 years. Many numismatists
also refer to the Coronet motif as the Liberty Head type.
In drawing Miss Liberty, Gobrecht was guided by the ancient Greco-Roman
influence. Liberty faces left, her hair tied in a bun, held in place by a string
of beads. She wears a coronet (a type of small crown), inscribed with the word
LIBERTY. The perimeter of the obverse is adorned by 13 stars. The reverse is
characterized by the John Reich eagle from 1807; its wings slightly modified to
span the full breadth of the coin.
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Coronet
Half Eagle
Specifications |
Diameter: |
Weight: |
Minted: |
Composition: |
Designer |
Edge: |
22.50 mm |
8.359 g |
1839-1840 |
.900
Au .100 Cu |
Christian Gobrecht |
Reeded |
21.60 mm |
8.359 g |
1840-1907 |
.900
Au .100 Cu |
Christian Gobrecht |
Reeded |
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Coin Photos courtesy of
Ira & Larry Goldberg Coins & Collectibles, Inc., Beverly Hills, CA. |
As the nation was ripped asunder by the
American Civil War beginning in 1861, a
religious fervor swept over the land as ordinary people in ever increasing
numbers sent prayers to the Almighty for safe guidance through those
extraordinarily difficult times. That sentiment led to the placement of the
motto IN GOD WE TRUST on the
two cent piece of 1864. On March 3, 1865, Congress
mandated the motto be placed “on all coins able to accommodate it”.
1866 was the first year IN GOD WE TRUST appeared on the gold half eagle, written
across a scroll above the eagle on the reverse. Gobrecht’s successor, James B.
Longacre oversaw the addition of the motto.
As the North’s military prospects faded, all coins, especially gold and silver
were hoarded as the best form of economic security in perilous times. The
disappearance of the precious metal coinage convinced the federal government to
suspend specie (i.e. coin money) payments out of the Treasury on December 30,
1861, in an effort preserve funds to finance the war.
Early in 1862, the U.S. issued paper money called “Greenbacks”. By the end of
the war, nearly $450 million in Greenbacks were in circulation. Politicians took
sides on how and when they were to be redeemed with precious metal coinage. One coalition,
led by creditors, wanted the Greenback removed because of its inflationary
effect on the economy; they didn’t want repaid with money that was worth
considerably less than when they loaned it out. Opposing them were indebted
farmers and laborers, who preferred inflationary money policies.
On January 14, 1875, Congress passed the Resumption Act. Under the provisions of
this act, the Treasury Secretary was ordered to redeem in coin Greenbacks
presented for exchange on or after January 1, 1879. In anticipation of greater
demand for gold coinage, the Mint dramatically ramped up production of half
eagles. From 1878 to 1882, an average of nearly 3 million half eagles were
produced annually, compared to less than 250,000 a year from 1839-1877.
It comes as no surprise that over a 69 year production period, there are many
rare, key dates within the Coronet Half Eagle series. The coins from the
Dahlonega and
Charlotte branch mints exist in very limited quantities, and are
desirable acquisitions for any numismatist. The most significant of these
is the 1861-D, whose historical connotations rank high because some of them were struck by the Confederacy at the onset
of the Civil War. In fact, just about all half eagle dates struck during that
epic conflict are quite scarce; because of the aforementioned widespread hoarding,
Mint officials chose to greatly limit production. The 1864-S has
especially captured the attention of collectors. Half eagles from the rough-and-tumble
Carson City Mint dated 1870-CC, 1873-CC, and 1878-CC have also found high favor.
Of course there are ultra rare members of the Coronet club too. The 1854-S,
issued during the first year of existence for the
San Francisco Mint, had a
mintage of only 268, most of which were destroyed. None have been sold in recent
years, at least not publicly. The 1887 has a mintage of only 87, all proofs.
Problem-free examples of the 1887 bring more than $100,000. An aura of mystery
hangs over the 1841-O. Mint records indicate that 50 were struck, but none are
known in any collection today. Scholars believe they were all melted, but should
you happen to discover one in a recently inherited box of coins, the
numismatic world would be stood on its head, reporters rushing to be the first
to announce the finding of a long lost coin worth more than a million dollars.
In
summary, key date Coronet Half Eagle collectors should set their sights on the
following:
Our advice is not to buy key date
Coronet Half Eagles that have not been certified by one of the four leading
grading service companies: PCGS, NGC, ICG, or ANACS. Most collectors have
greater trust in coins graded by any of the Big Four, and will pay more, knowing
when they decide to sell, prospective buyers will be similarly confident.
On the flip side of the coin, pardon the pun, most knowledgeable collectors shy
away from lesser known grading services, or want substantial discounts, because
so many of the other services have a reputation for less stringent grading
standards.
The links below initiate a search of eBay coin auctions to find key date
Coronet Half Eagles.
The left hand side of each "Sales Box" depicts value trends over a very long
period of time for the specified key date in F-12 condition. The
percent annual increase since 1950 is computed for comparative purposes.
In the case of Charlotte and Dahlonega coins, value trends of the 1840-C
are typical of the group and so are presented here, but the links are coded to
bring up "C" and "D" half eagles, with the exception of the 1861-D,
which has a sales box all to itself. Key date Coronet Half Eagles are
a challenge to find, even in a venue as large as eBay gold coin auctions.
Much of the time, you'll strike out in your search. Keep
checking back, and remember, be patient and follow the advice on grading. The coin pictured
for sale in the right hand side, if any, is not necessarily the same condition coin
as that represented in the value trend analysis on left hand side.
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1840-C
Coronet HE
Condition: F-12
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1861-D
Coronet HE
Condition: F-12
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Value Trends
1950: $17.50
1980: $250
1995: $425
2003: $750
2007: $1500
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Value Trends
1950: $50.00
1980: $2500
1995: $2750
2003: $3000
2007: $3500
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% Annual Increase
Since 1950 =
8.12%
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% Annual Increase
Since 1950 =
7.74%
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1864-S
Coronet HE
Condition: F-12
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1870-CC
Coronet HE
Condition: F-12
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Value Trends
1950: $25.00
1980: $1000
1995: $2500
2003: $3000
2007: $3000
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Value Trends
1950: $20.00
1980: $1500
1995: $1750
2003: $1750
2007: $2500
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% Annual Increase
Since 1950 =
8.76%
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% Annual Increase
Since 1950 =
8.84%
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