Lot 1938
1795 $5 Capped Bust. Large eagle. . M-15. NGC graded MS-61. A rare and unusual coin that was likely struck in 1798! First of all, the field of stars over the eagle on the reverse shows 16 stars, as we know, the Philadelphia Mint kept adding stars to coins as states joined the union, hence from 1794 through June 1, 1796 all silver and gold coins should show 15 stars to represent the states of the union. On June 1, 1796, Tennessee joined, making a total of 16 states, and hence 16 stars. Therefore, we know that this reverse die was engraved sometime after June of 1796. In addition, the heraldic eagle reverse design was finally adapted in 1796 at a time when the Mint had decided to stop adding stars every time a new state joined the union, as they were simply running out of room (also some of the Mint's employees seemed to have trouble counting that high, as numerous oddities in the star count occur in various denominations). Along with the 1798 small eagle reverse, this is one of the most curious die combinations to come out of the Philadelphia Mint.
The circumstances for this issue may never be known, but they are regarded as some sort of emergency issue along with the 1798 small eagle reverse half eagle. Apparently no current dies were available, and these older dies were still serviceable, and hence, pressed in to service. It is now believed by experts in the half eagle series that these were struck in 1798.
Always famous and in high demand, the heraldic eagle reverse 1795 half eagle has long been a coveted by numismatists. On this pair of dies, the obverse has a light crack down the back third of her cap well into her curls, and the reverse die is a fairly late die state, with a break connecting the tops of NITE and a complex break through ICA to the eagle's tail and arrows. No doubt the die was soon retired as these breaks progressed.
NGC has graded just 2 this high, with 11 graded higher (best MS-63). Slightly prooflike in the protected areas, the obverse die was in good shape when this one was coined. Fully struck on both sides, with no adjustment marks. Identifiable by a short lint mark located in the field extending from the lowest feather on the right wing near the shield, and a dark spot on the right side of the first A of AMERICA.
Estimated Value $60,000 - 75,000.
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