1795 Capped Bust Small Eagle $5.00 Half Eagle

The first gold coin struck by the United States was the 1795 Capped Bust Small Eagle Half Eagle ($5.00 face value). The design featured a capped Liberty facing right. The reverse showed an eagle perched on an olive branch while holding high a wreath in its beak.

Beginning in 1798 a larger “heraldic” eagle was substituted on the reverse. Many critics thought the original, smaller eagle appeared weak, and poorly represented the United States.

The early US Mint was plagued by a lack of resources and cared little about necessarily matching a 1798 obverse die with the large eagle reverse, so long as the die was in working condition. Consequently, some half eagles with large eagle reverses dated 1795 and 1797 exist, but were actually coined in 1798. Conversely, a few 1798 half eagles with small eagle reverse were also produced, but are extremely rare.

The mintage of the 1795 Capped Bust Small Eagle Half Eagle is believed to be 8,707 pieces. Survivors are estimated to number a little over 500. This date is not quite as rare as certain other half eagles, but it is highly prized by early US gold collectors, as evidenced by consistent value increases over a very long period of time.