1797/5 Capped Bust Right Half Eagle. Heraldic Eagle. BD-7. Rarity-6+. 15-Star Obverse. AU-58 (NGC). Uniform light yellow-gold with pleasing traces of prooflike reflectivity remaining in the fields. Light handling marks are consistent with the grade, but there no individual blemishes 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 (BD State b/d), making for an interesting piece to study. Undoubtedly, the failure of this die had a lot to do with the rarity of this issue in todays market.<p>This is a very desirable coin, and 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 (BD-6). That leaves just this one variety for collectors, and even so there are very few specimens to go around. John W. Dannreuther (2006) estimated the total mintage from these dies to be 480 to 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 five grading events in Mint State, the finest certified being the D. Brent Pogue specimen in PCGS MS-62+. NGC reports only one coin graded AU-58, offered here, while PCGS reports no examples in this grade. As such, this is among the six finest seen by the grading services and a most respectable example worthy of the finest gold cabinets. The other feature that makes this issue desirable is the bold overdate, among the most pronounced and visibly striking in the entire U.S. coinage series.
