Early United States gold coins have proven repeatedly just how disorganized the United States Mint was in days when they were just starting out. Multiple dies and designs during a short amount of time proved to be difficult in keeping consistency, which led to the creation of several rarities. Author Jeff Garrett continues to take us through the 100 Greatest United States Coins list as our blog zeroes in on a gold coin that has a known mintage of less than 10.
#33 – 1798 "Small Eagle" Capped Bust Half Eagle
As part of the Coinage Act of 1792, the gold half eagle, among other denominations, was listed as one to be produced. However, it was not until 1795 that a gold coin of any denomination was minted. Engraver Robert Scot was given the task of designing the half eagle, and it debuted as the Capped Bust Right, Small Eagle Reverse.
With Liberty on the obverse, the small eagle depicted on the reverse was inspired by ancient Roman designs. Its wings are outstretched holding a wreath in its beak. This design only lasted until 1798 as the Heraldic Eagle reverse was also produced at this time. Again, it is unclear as to why the Mint decided to produce so many different designs at once. Despite the discourse, the 1798 Small Eagle Reverse half eagle has become a U.S. rarity.
Of the eight known examples, three are in museums. In 1960, the gold half eagle coin in Extremely Fine condition had a value of $3,500. By this fourth edition (2015), it rose to $500,000.
