This exquisite Choice AU survivor of the first-year of half eagle coinage displays deep olive and vivid orange-gold with considerable remnants of the original finish on both sides. The devices are satiny, but the fields offer appreciable reflectivity that results in a semi-prooflike finish. The definition is bold to sharp throughout the design. A beautiful coin that will certainly find its way into another important gold collection.The first gold coins produced by the fledgling United States Mint were 744 half eagles transferred to the treasurer of the Mint by the coiner on July 31, 1795. These coins displayed Robert Scots Capped Bust Right motif with Small Eagle reverse, the first dies for which had been prepared in May of that year at the direction of then-Mint Director David Rittenhouse. The striking of the first coins was delayed due to a lack of gold bullion deposits and the difficulty that Mint employees had in posting the requisite performance bonds for handling precious metals. In the end it fell to Rittenhouses successor Henry William DeSaussure to oversee this significant event in the history of the United States Mint.Numismatic scholars have identified 12 die marriages of the 1795 Small Eagle $5, and tradition has it that BD-1 was the first variety struck. Critical observers might find this unlikely, what with rust present on both dies at the time of coinage. This feature is particularly pronounced on the obverse, especially in the date area and over the bottom of Libertys portrait, as evidenced by the present example. The die rust is, however, easily explained without calling into question the status of BD-1 as the first variety of 1795 half eagle struck. Up to three months could have elapsed between Scots preparation of these dies in May and the delivery of the first coins on July 31, during which time the dies could certainly have become rusted if improperly stored by Mint personnel.Interestingly for the first variety of a first-year issue in U.S. coinage, BD-1 is not the most frequently encountered die marriage of the 1795 half eagle. That distinction belongs to BD-3, with an estimate of approximately 200 survivors. nearly one third of the entire extant population. Conversely, John W. Dannreuther (2006) opines that only 40 to 50 examples of BD-1 are known, which places it in the same rarity category as BD-10. As the first United States Mint gold coin produced, the 1795 Small Eagle five was certainly saved in significant numbers, but most of the examples saved as mementos of this historic issue were coined from the BD-3 dies.Combining historical significance with rarity and enduring numismatic popularity, this lovely 1795 BD-1 half eagle would grace even the finest cabinet. We anticipate fierce competition among advanced collectors.
