$315,000.00 USD
The 1795 Capped Bust $5 Half Eagle holds a special place in U.S. numismatic history as the first gold coin struck by the United States Mint. Production began on July 31, 1795, when an initial batch of 744 half eagles was delivered – marking the nation's first foray into gold coinage. This was just two years after the first U.S. copper coins and a year after the first silver dollars, fulfilling the authorization of the Coinage Act of 1792 to produce gold $5 pieces.
In total, 8,707 half eagles dated 1795 were minted (some delivered in early 1796), making it a low-mintage issue by modern standards. Each coin was struck in 91.67% fine gold (with silver and copper alloy) on a hand-operated screw press, and weighed approximately 135 grains (about 8.75 grams) as prescribed by law. The early Mint's crude technology meant that planchets were hand-prepared and dies were hand-engraved, yielding coins with irregular strike qualities and often displaying adjustment marks (file marks from weight adjustment) – all part of the coin's historical character.
Design-wise, the 1795 half eagle is of the "Capped Bust Right" type (also nicknamed the "Turban Head"), featuring Lady Liberty facing right on the obverse with flowing hair capped by a cloth (Phrygian cap). She is encircled by 15 stars (representing the states in 1795) and the word LIBERTY. The date 1795 appears below the bust.
The reverse displays the original Small Eagle design: a delicate American eagle with outstretched wings, holding a laurel wreath in its beak and an olive branch in its talons, symbolizing peace. The inscription UNITED STATES OF AMERICA arcs around the periphery. Notably, this first-year design was used only from 1795 through 1798, after which the reverse was changed to the Heraldic Eagle motif.
The 1795 issue itself comes with several minor variety differences (13 known die pairings) such as slight differences in star placement, date spacing, or an "S over D" mintmark error in the legend on certain dies. These variations arose from the Mint's practice of hand-punching letters and stars into dies, giving each variety a unique fingerprint and adding to the coin's desirability for specialist collectors.
Grade MS63+ indicates a coin in Choice Uncirculated condition, with strong mint luster and only minor marks – in this case, the "+" signifies exceptional quality at the upper end of the MS63 grade, verging on an even higher grade. Such a grade is exceedingly rare for a 1795 half eagle. Most surviving 1795 $5 gold pieces are found in circulated grades (often lightly worn Extremely Fine or About Uncirculated).
