In the tender dawn of American coinage, a golden whisper emerged-graceful, deliberate-the Capped Bust Right Half Eagle bearing the Small Eagle reverse, struck only between 1795 and 1798. In that fleeting window, a mere 17,555 pieces were born from the Mint’s crucibles, each carrying the weight of a nation’s early aspirations.
Between July 31 and September 16 of 1795, just 8,707 of these five-dollar gold coins were delivered into circulation, per entries in Bullion Journal A. These weren’t mere metallic tokens churned out in bulk-they were meticulous creations, deliberate and symbolic. Of these, 22 coins were pulled for assay purposes, often one per delivery, later increasing as quality checks became routine-guardians of fineness, sealed within each dispatch.
Oddly, the Mint seemed indifferent to time. Die dates rarely matched minting years with precision, and by the time the final Small Eagle reverses left the coining press, no fewer than 12 unique die marriages had already played their role in the narrative.
Though not the rarest phantom of early American gold, the 1795 Half Eagle holds a special place. Its timeless aesthetic continues to captivate collectors. According to numismatists Garrett and Guth in their revered Encyclopedia of U.S. Gold Coins, about 520 of these pieces still exist-most housed in grades ranging from MS60 to MS62. Higher-grade gems are nearly mythic, described as “extremely rare,” shimmering like trapped starlight.
The Birth of a Design: Robert Scot’s Artistic Echoes
The creative pulse behind this inaugural design was none other than Robert Scot, the first Chief Engraver of the U.S. Mint. His Liberty, glancing to the right beneath a voluminous cap-neither fully turban, Phrygian, nor pileus-was a subtle homage to classical antiquity. Historian Walter Breen once speculated it drew inspiration from a lost Roman gem engraving of a goddess-her features reshaped into a uniquely American muse.
On the reverse stands the Small Eagle, slender and stylized, gripping a palm branch in its talons and holding a laurel wreath in its beak. This bird, too, was borrowed-Scot reinterpreted a Roman onyx cameo cataloged as No. 4 in the Eichler-Kris collection, housed in Vienna’s Kunsthistorisches Museum. Though he repositioned the eagle from profile to full-frontal view, he preserved the imperial symbols, blending Roman gravitas with newborn American pride.
Unspoken Denominations and the Power of Gold
These Half Eagles bore no engraved denomination-a conscious omission. In America’s formative years, gold spoke a universal language: value determined by weight and purity. “Money was gold, and gold was money,” as gold coin expert John Dannreuther puts it.
Digits weren’t necessary. These coins traded hands by mutual understanding, not written face value. This fit neatly within the financial philosophy of Hamilton, Morris, and Jefferson, whose bimetallic monetary structure linked the ten-dollar Eagle to ten silver dollars, albeit with no explicit inscription-a tradition that lasted until 1838.
Even silver coins often danced between labeled and unlabeled forms well into the 1800s.
Pioneers of Federal Gold
Far more than circulating currency, these early Half Eagles symbolized a vision. Long before California assay bars and hefty octagonal slugs struck from miner’s bounty, these coins embodied stability, federal craftsmanship, and economic trust.
They were minted when America’s financial institutions were nascent, when printing presses roared louder than coin dies, and when the notion of a San Francisco Mint was a distant dream. And yet, these Half Eagles laid the groundwork for what would later be struck in gold and risk-small coins that carried big intent.
The Eagle’s Poise: Artistic Anatomy
Obverse: Liberty gazes steadfastly rightward. Her hair flows in curls, brushing her shoulder and wrapped in the fabric of a classical chiton. Atop her head rests an ambiguously styled cap-soft, broad, and uncategorized. The date lies beneath. Encircling her are fifteen stars: ten on the left, five (sometimes six) on the right-silent symbols of a growing union.
Reverse: The Small Eagle stands tall, neck elongated, grasping a palm frond in its claws, a laurel wreath between its beak. The inscription “UNITED STATES OF AMERICA” arcs above, though not without spatial quirks-“UNITED” is curiously distant from its companions, and “OF” seems to cling more closely to “STATES” than to “AMERICA.” Around the rim, denticles line the edge like crisp punctuation marks of craftsmanship.
Edge: Reeded-a quiet but crucial defense against fraud, a 1790s safeguard against shavers and clippers, long before digital wallets and blockchain security.
Coin Profile – Capped Bust Right Half Eagle, Small Eagle Reverse
- Years Minted: 1795–1798
- Highest Mintage: 8,707 (1795)
- Rarest Issue: 1798 – Estimated 100 coins struck
- Composition: 91.7% gold, 8.3% alloy (silver and copper)
- Weight: ~8.748 grams
- Diameter: ~25.00 mm
- Edge: Reeded
- Designer: Robert Scot (obverse and reverse)
Frequently Asked Questions
What is the Capped Bust Right Half Eagle with the Small Eagle reverse?
It’s an early American five-dollar gold coin, minted from 1795 to 1798, featuring Liberty on the obverse and a stylized eagle on the reverse.
How rare is the 1795 issue?
Approximately 520 examples of the 1795 coin are thought to survive today, making it a rare but not unattainable collector’s item among early U.S. gold issues.
Who designed this coin?
The designs were the work of Robert Scot, the U.S. Mint’s first Chief Engraver and a master of classical reinterpretation.
Why doesn’t the coin display its denomination?
In the 1790s, gold coins circulated based on metal content. Purity and weight were the measure of value, not face inscriptions.
Why is this coin so coveted by collectors?
Its status as one of the earliest U.S. gold coins, its unique blend of classical and early American artistry, and the limited surviving specimens make it a cornerstone of serious numismatic collections.
