In the fledgling twilight of American coinage, a sliver of numismatic history was quietly struck—elegant and elusive—the Capped Bust Right Half Eagle with the Small Eagle reverse, minted from 1795 to 1798. Across that brief span, merely 17,555 specimens were breathed into existence, their golden bodies whispering tales of early ambition.
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From the solemn summer days of July 31 to the fading warmth of September 16, 1795, the U.S. Mint churned out 8,707 of these five-dollar gold pieces, according to Bullion Journal A. These weren’t the mundane stampings of a bureaucratic mint—they were opuses of artistry and intent. A total of 22 were quietly set aside for assay, one per delivery at first, then more—silent sentinels for purity, tucked into their shipments.
Curiously, the Mint showed scant regard for chronology. Dates stamped on dies often failed to reflect actual minting years, and by the time the final Small Eagle Half Eagles were coined, 12 separate die marriages had already told their part of the saga.
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Though not an elusive phantom among early gold issues, the 1795 Half Eagle garners prestige for its classic appeal. Garrett and Guth, in their gold-studded tome Encyclopedia of U.S. Gold Coins, estimate that roughly 520 survivors remain, most slotted within the modest grades of MS60 to MS62. True Gem examples—like fireflies caught in a jar—are described as “extremely rare.”
Genesis of a Design, Scot’s Borrowed Glory
The artistic heartbeat behind this epochal coin was Robert Scot, the Mint’s chief engraver and master of subtle reinvention. His Liberty, gazing rightward beneath a voluminous cap (a peculiar hybrid—neither quite turban, Phrygian cap, nor pileus), borrowed the elegance of antiquity. Walter Breen mused that it likely descended from a now-lost Roman engraving of a goddess—her locks reshaped, her attire swathed anew in American idealism.
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On the reverse, the Small Eagle stands—a long-necked, feathered sentinel gripping a palm frond and clutching a laurel wreath in its beak. This was no imaginative flight: Scot reimagined a Roman onyx cameo, entry No. 4 in the Eichler-Kris catalog, an austere gem nestled in Vienna’s Kunsthistorisches Museum. While turning the eagle from profile to frontal gaze, he retained its imperial emblems, ensuring his Roman muse took wing over a young republic’s ambitions.
Silent Denominations and Golden Barter
These early half eagles bore no explicit denomination, and that was no accident. In the fledgling years of the republic, gold spoke for itself—measured in weight and trusted for purity. “Money was gold, and gold was money,” writes John Dannreuther.
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No need for numerals or engraved worth. These coins passed hand-to-hand, not by denomination but by value assessed, often assayed, and always judged by foreign and domestic eyes alike. Hamilton, Morris, and Jefferson crafted a system where bimetallic liquidity was the lifeblood of trade. A ten-dollar eagle equated to ten silver dollars, though no digit said so—not until 1838.
Even silver, their humbler cousin, danced between labeled and unlabeled states well into the 19th century.
Half Eagles as Gold’s Golden Seeds
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These early gold coins weren’t just money—they were vision cast in metal. In an age when California assay bars and octagonal fifty-dollar ingots would emerge later in chaos and miner’s dust, these Half Eagles stood for federal consistency, shape uniformity, and sovereign identity.
They were minted when America’s mint still trembled in its infancy, when the printing press was louder than the coin press, and when a branch mint in California was but an unlit possibility. Yet these gold pieces already foretold what would one day be minted in fire and risk.
The Aesthetic of the Eagle: Design Details
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Obverse: A bust of Liberty, her gaze set unwavering to the right. Her cascading curls embrace her shoulder, draped in a chiton’s cloth. The cap—broad, soft, and imprecise in classification—crowns her vigil. Below, the date. Around, a constellation of stars: ten to the left, and five or six more to the right, encircling the rim in silent tribute.
Reverse: An eagle, slender-necked and solemn, grips a palm frond in its talons and clasps a laurel wreath between its beak. The legend “UNITED STATES OF AMERICA” arcs above, yet with spatial idiosyncrasies: “UNITED” drifts apart from the pack, and “OF” nestles closer to “STATES” than “AMERICA.” Denticles edge the border like serrated whispers of precision.
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Edge: Reeded, like the breath of a lockpick’s foil—a measure against counterfeiting long before cyber thefts or digital fraud.
Coinage Profile – Capped Bust Right Half Eagle, Small Eagle
Years Struck: 1795–1798
Peak Mintage: 8,707 in 1795
Rarest Year: 1798 – Only 100 pieces minted
Composition: 91.7% gold, 8.3% silver and copper
Weight: Approx. 8.748 grams
Diameter: Approx. 25.00 mm
Edge: Reeded
Designer: Robert Scot (Obverse and Reverse)
FAQs
What is the Capped Bust Right Half Eagle, Small Eagle?
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It’s a $5 gold coin minted in the U.S. between 1795 and 1798 featuring Liberty on the front and a small eagle on the back.
How rare is the 1795 Small Eagle Half Eagle?
Around 520 are known to survive today, making it scarce but not the rarest among early U.S. gold coins.
Who designed the coin?
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Robert Scot, the first Chief Engraver of the U.S. Mint, created both the obverse and reverse designs.
Why doesn’t the coin show its denomination?
Early U.S. gold coins didn’t show value because gold was traded by weight and purity, not by face value.
What makes this coin popular among collectors?
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Its historical significance, early date, unique design, and limited surviving examples make it highly desirable.
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