1796/5 Capped Bust Right Half Eagle. BD-1. Rarity-4+. MS-63 (NGC).BD Die State a/b. A landmark numismatic rarity from the historically significant Capped Bust Right half eagle series. Vivid and attractive surfaces exhibit bright wheat-gold color. This is a sharply struck example, uncommon for an early half eagle, with both sides displaying universally denticulated borders and boldly to fully rendered design elements. Decidedly reflective in finish with no sizable or otherwise individually mentionable marks.<p>As part of the Act of April 2, 1792, establishing the United States Mint and defining the nations monetary system, gold coins in $2-1/2, $5, and $10 denominations were authorized. Part of the law also instituted a requirement that the treasurer, chief coiner, and assayer must post a personal surety bond of $10,000 each before they could produce gold and silver coins. By any definition, this was an enormous sum of money for the era which could not be met. Consequently, the first coins struck at the newly opened Philadelphia Mint were half cents and large cents. Realizing the difficulties in coming up with the surety bonds, Congress reduced the requirements enough so that the production of silver coinage could commence. It would be 1795 before there was enough gold bullion on hand to begin production of gold coins, three years after the authorizing act was passed.<p>The work of designing and engraving the new denominations fell to Robert Scot after Joseph Wrights term as engraver was cut short when he died in one of the annual yellow fever epidemics that plagued Philadelphia. The obverse of all three gold denominations bear a representation of Liberty facing right flanked by stars while wearing a cloth freedmans cap, with the legend LIBERTY above and the date below. The reverse features a delicate small eagle with spread wings holding a wreath in its beak while clutching a palm frond in its talons. The delivery of the nations first gold coins took place on July 31, 1795, when 744 half eagles were transferred to the treasurer by the chief coiner.<p>For the second year of this denomination, only a fraction of the reported mintage of 6,196 half eagles struck in 1796 actually bore that date - estimated to be between 1,057 and 2,000 coins - with the balance bearing the 1795 date. Only one pair of dies was used to produce these coins and it was a 1795-dated obverse die recut with the 1796 date. Fortunately for collectors who enjoy overdates, this feature is readily apparent. Along with the 1796/5 half dime this represents the earliest such overdates in the nations coinage. 1796 turned out to be a year when every denomination was struck, from the half cent through to the eagle, a situation that would not be repeated until well into the 19th century.<p>Between 80 and 100 1796/5 half eagles are thought to remain in numismatic circles. The half eagle was the principal gold coin used in the early economy and endured all the rigors of commerce. Most specimens are found in the higher end of the circulated grade levels, with a small cluster in EF to lower end AU. Mint State coins are exceptionally rare, and this is one of the very finest certified. Its appearance in this sale is a special occasion indeed, and one that will surely attract spirited competition between advanced bidders.PCGS# 519862. NGC ID: BFWU.NGC Census: 1; 4 finer in this category (MS-65 finest). The corresponding PCGS Population is 1/0.From the Rick Springfield Collection.
