Lot 1228
1795. 13 leaves below eagle. PCGS graded AU-53. Nice for the grade. Popular first year of issue. Pop 18; 66 finer. A date and type alwasys in demand. Well struck for this issue yielding only a thin hairline through the back curls below the cap. There is a lovely interplay between orange-gold and reddish colors that give this the eye appeal of an even higher grade.
The mintages were small in the 1790s because little demand existed domestically for $10 eagles. The first United States Mint struck coins to order, for the most part. Bankers and others deposited silver and gold with the Mint, which the Mint's workers turned into coinage and then delivered to the owners of the precious metals.
Those depositing gold with the Mint in those first years has a preference for the more convenient $5 half eagles to the $10 eagles, ordering more of the smaller denomination than the larger. As best as we can understand, the eagle was too large for small transactions but too small for convenient transportation or storage of large sums. Many 1795-1804 eagles were exported.
Striking gold eagles that were only going to be exported or melted was wasteful of the Mint's production capacity. Production of this denomination ceased in 1804, possibly under the orders of President Jefferson. The halt in production for the gold eagle proved more than momentary. It wouldn't be struck for circulation again until 1838, at the second Philadelphia Mint (PCGS # 8551) .
Estimated Value $40,000 - 50,000.
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| Realized $48,875 |
