1796/5 Capped Bust Right Half Eagle. BD-1, the only known dies. Rarity-4+. AU-58 (NGC). Vivid and attractive surfaces exhibit lovely pale olive and medium gold colors as the coin rotates under a light. This is a sharply struck example, and uncommonly so for an early half eagle, with both sides displaying universally denticulated borders and boldly to fully rendered design elements. Satin to semi-reflective in finish with no sizeable or otherwise individually mentionable marks to distract the eye. A lengthy scratch on the back of the NGC holder interferes with viewing of the coins reverse, making this piece a candidate for reholder should the winning bidder decide to pursue that option with NGC.<p>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. 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, maybe five are known, putting quite a bit of pressure on premium AU specimens such as this. As has been observed, often an AU-58 coin will offer a more dramatic and beautiful visage over some low-end Mint State pieces. The offering of this endearing AU-58 example is a special occasion indeed.
