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1860

1795 $5 Capped Bust. Small eagle NGC MS61

Currency:USD Category:Coins & Paper Money / US Coins Start Price:2,250.00 USD Estimated At:9,000.00 - 10,000.00 USD
1795 $5 Capped Bust. Small eagle NGC MS61
A well struck, lustrous example of America's first gold coinage. The fields as well as the devices full frosty with gently rolling luster. Only widely spaced marks and hairlines account for the modest grade; without these, a higher numerical grade would be necessary from NGC.

One of the first acts of the new Mint Director, Henry William DeSaussure, after Pres. Washington had appointed him (1795) over his own protests, was to announce his two major ambitions for the Mint. The first of these was to place gold into circulation; the second, to improve all current coin designs. His predecessor, David Rittenhouse, about May 1795, had already ordered Robert Scot to prepare dies for half-eagle coinage. DeSaussure publicized the Mint's readiness to coin deposits of gold, and on July 31 he signed his first delivery warrant, authorizing the Coiner to transfer to the Treasurer of the Mint a batch of 744 half eagles. Between then and Sept. 16 the Mint released 8,707 pieces, thought to comprise 2,749 Wide Dates (Breen encyclopedia estimate) and 5,958 Close Dates. Die life in those days was excessively short die life, requiring the mint to resort to numerous die pairings to get this small number of coins minted. The Director interrupted coinage, otherwise the mintage might have been higher, because he wished the Coiner's Department to begin issue of eagles, or $10 coins.

Robert Scot designed the 1795-98 Small Eagle coins. Scot's ultimate source for his obverse design is unknown. Probably he copied some unlocated engraving of a Roman copy of a Hellenistic goddess, altering the hair, adding drapery and an oversize soft cap. (This is not the pileus or liberty cap seen on other issues of America's coinage.)
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