1797/5 Capped Bust Right Half Eagle. Heraldic Eagle. BD-7. Rarity-6+. AU-58 (NGC).Uniform light yellow gold with pleasing traces of prooflike reflectivity remaining in the fields. Light handling marks consistent with the grade, but there no individual marks to distract the eye. Rather well struck, though there is some typical softness at the central reverse and faint traces of natural adjustment marks will be seen in the softest area, in the upper left quadrant of the shield. Even these arent heavy enough to obscure the horizontal shield stripes. Reverse die cracks show this to be the latest observed die state, making for an interesting piece to study. Undoubtedly, the failure of this die had a lot to do with the rarity of this issue overall today.<p>A very desirable coin for several reasons. There are three known heraldic eagle reverse varieties for 1797 half eagles, but this is the only one that is collectible. The coin with a 16-star obverse is unique, and in the Smithsonian, while the same is true of the only other 15-star obverse variety. That leaves just this one variety for collectors, and there are very few specimens to go around. John Dannreuther estimated the total mintage from these dies to be 480-1,000 coins, but reported the likely survivors to be 20 or fewer pieces. Among the survivors, this one stands fairly tall in terms of preservation. The records of PCGS and NGC include just four coins graded Mint State, the highest grade being the D. Brent Pogue specimen, graded MS-62+. NGC reports only one coin graded AU-58, this coin, while PCGS reports no examples in this grade. As such, this is among the five finest seen by the grading services and a most respectable example worthy of even the most impressive of collections. The other feature that makes this issue desirable is the bold overdate, among the most well-pronounced and visibly striking in the U.S. series.<p>The 1797/5 half eagle is a prize for early gold enthusiasts and a tough one to acquire in any grade. While we have already presented the landscape of the finest specimens among those graded by third party services, it is worth noting that only a dozen grading records appear across <em>all grades. </em>As such, any collector owning this rarity in any grade is likely to be able to point to it as a centerpiece of his or her collection.<p>NGC Census: 1; 2 finer (MS-61 finest).
