1795 Capped Bust Right Half Eagle : A Collector’s Guide

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

The 1795 Capped Bust Right Half Eagle was the first gold coin struck by the United States Mint. Engraver Robert Scot finished work on the dies in May and the first delivery of struck coins occurred on July 31, when 744 coins were delivered to John Vaughan. At this time one coin was struck and kept for assay.

Eight additional deliveries took place throughout the summer, with a final delivery occurring on September 16; these deliveries add up to 7,963 pieces. Add up all 1795-dated deliveries and you arrive at the 8,707 total usually cited as the issue’s mintage figure.

Numismatist and gold coin specialist John Dannreuther has extensively researched early United States gold issues. He points to five 1796 deliveries where he believes additional 1795-dated Half Eagles were struck. While unprovable, the addition of these emissions may explain the higher-than-expected survival rate for the 1795 Capped Bust Right Half Eagle and the 13 known die varieties for the issue.

How Much Is the 1795 Capped Bust Right Half Eagle Worth?

Capped Bust Right Half Eagles are collected by type, date, and variety. A collector of type generally will pursue one coin of each denomination and design, while a date collector will pursue one example struck each year. Variety collectors are more interested in the study of the coin’s technical qualities and will pursue multiple coins from each year when multiple die marriages were used, especially when there are noticeable differences between die pairs. Early United States coin dies were handmade using various device punches, which resulted in a coinage that is historic and artisanal in nature. Of course, for early United States gold coins, the pursuit of each variety is quite expensive and accessible to only the most affluent numismatists.

Although small quantities of the 1795 Capped Bust Right Half Eagle with the Small Eagle reverse survive, the typical circulated grade certified by the leading third-party grading services is Extra Fine or better. In these circulated grades, expect to pay more than $60,000 for an example with good eye appeal. Uncirculated examples are rare and often command prices in excess of $250,000, depending on the grade and die marriage.

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Market Data and Noteworthy Specimens – Small Eagle

Top Population: PCGS MS65 (263, 7/2024), NGC MS66 (2, 7/2024), and CAC MS65 (1:0 stickered:graded, 7/2024).

1795 Capped Bust Right Half Eagle, Bass-Dannreuther 1

Rarity 5. The BD-1 variety is the consensus pick for the first die marriage used to strike 1795 Capped Bust Right Half Eagles. Delivery of 744 coins on July 31, 1795, marked the introduction of the denomination, which would continue to serve the nation’s monetary needs until 1933, the last emission of half eagles having taken place in 1929. Production of $5 gold coins resumed in 1986 for commemorative purposes.

The BD-1 varieties pair obverse 1 to reverse A. LIBERTY repunched. The numerals of the date are spread wide and the tip of the flag of the “5” is covered by Liberty’s bust truncation. The tip of the 13th star also touches. On the reverse, the leaf touches the base of the “N” of UNITED. Four berries. Die rust is present on the surfaces of all known coins struck in this variety.

• NGC MS66* #325875-001: Heritage Auctions, January 7, 2015, Lot 4271 – $587,500.
• PCGS MS65: Stack’s, June 25, 2008, Lot 2052 – $586,500.
• NGC MS64 #551201-005: “A Gentleman’s Collection,” American Numismatic Rarities, June 2005, Lot 1009; Stack’s, July 27, 2008, Lot 2464 – $322,000; Heritage Auctions, January 7, 2015, Lot 4270 – $229,125.
• PCGS MS61 CAC #46092953: Robert Batchelder to Jimmy Hayes, via private sale, 1962 ANA convention; “The Jimmy Hayes Collection : Auction ’84,” Stack’s, July 1984, Lot 1413; “The Harry W. Bass, Jr. Core Collection, Part I,” Heritage Auctions, September 29, 2022, Lot 11025 – $198,000.

1795 Capped Bust Right Half Eagle, Bass-Dannreuther 2

20 or 30 known. Obverse 2 paired with reverse A. BERTY is repunched. First star is centered below the lowest curl. The tip of the flag of the “5” touches the drapery. Stars 11 and 12 touch and the top left point of star 11 overlaps “Y”. On the reverse, the leaf touches the base of the “N” of UNITED. Four berries.

John Dannreuther hypothesizes that this die marriage was used to strike the 520 coins delivered on August 11, 1795, following an emission of 744 coins two weeks earlier.

• NGC MS64 #1776966-013: Superior, June 2002, Lot 4782 – Passed; “The Freedom Collection,” Heritage Auctions, January 4, 2007, Lot 3491 – $201,250. FREEDOM COLLECTION on insert; Heritage Auctions, December 5, 2008, Lot 1968 – $172,500. New holder. pedigree removed; “The Virginia Beach Collection,” Heritage Auctions, June 3, 2011, Lot 4616 – $184,000. New holder; Heritage Auctions, August 3, 2012 – $199,750; “The Warshaw Family Collection,” Heritage Auctions, January 9, 2020, Lot 4394 – $180,000.
• PCGS MS62 #46092952: Kagin’s to Harry W. Bass, via private sale, October 1, 1977; “The Harry W. Bass, Jr. Core Collection, Part I,” Heritage Auctions, September 29, 2022, Lot 11026 – $150,000. Gold foil Bass novelty insert.
• NGC MS62 #363627-001: Heritage Auctions, May 2003, Lot 6576 – $40,250; “The Antigo Collection,” Heritage Auctions, August 2006, Lot 5472 – $86,250.
• NGC AU58: American Numismatic Rarities, June 2004, Lot 1391 – $48.300.
• PCGS AU58: “The Blue Moon Collection, Part I” Stack’s Bowers, November 2017, Lot 2309 – $54,050.

1795 Capped Bust Right Half Eagle, Bass-Dannreuther 3

Rarity-3+. The most common die marriage with up to 200 known. Approximately 20 in Mint State 64 or finer. Obverse 2 paired with reverse B. BERTY is repunched. First star is centered below the lowest curl. The tip of the flag of the “5” touches the drapery. Stars 11 and 12 touch and the top left point of star 11 overlaps “Y”. Palm frond extends passed the serif of the back leg of “N”. Four berries.

• PCGS MS65 #31529816: J. Colvin Randall Collection; “The Numismatic Cabinet of Mr. J. Colvin Randall of Philadelphia,” W. Elliot Woodward, June 1885, Lot 866 – $30; Purchased by Harold P. Newlin on behalf of T. Harrison Garrett; T. Harrison Garrett to Robert and John Work Garrett, by descent, 1888; Robert Garrett interest to John Work Garrett, 1919; transfer completed 1921; John Work Garrett to The Johns Hopkins University, by gift, 1942; “The Garrett Collection, Part I,” Bowers and Ruddy, November 1979, Lot 433; Bill Mitkoff to Anthony Terranova; Paramount (David Akers), by sale, April 1986. As PCGS MS65 #31529816. “The D. Brent Pogue Family Collection, Part II,” Stack’s Bowers / Sotheby’s, September 30, 2015, Lot 2069 – $646,250. Pedigree research assisted by Stack’s Bowers. Pogue novelty insert. Garrett on insert.
• PCGS MS64+ CAC #44156466: As PCGS MS64 #22129767. Heritage Auctions, January 4, 2007, Lot 3493 – $345,000; “The Madison Collection,” Heritage Auctions, January 10, 2008, Lot 3134 – $373,750. As PCGS MS64+ CAC #44156466. “The Bob R. Simpson Collection, Part VII,” Heritage Auctions, January 13, 2022, Lot 3787 – $552,000. Simpson novelty insert. Coin upgraded by 1/2 point.
• NGC MS64 CAC #2064130-017: “Colonel” E.H.R. Green; Eric P. Newman / B.G. Johnson, d.b.a. St. Louis Stamp and Coin Co.; Eric P. Newman, $225; Eric P. Newman Numismatic Education Society. As NGC MS64 CAC #2064130-017. “Eric P. Newman Collection, Part IX,” Heritage Auctions, November 1, 2017, Lot 15102 – $336,000.
• NGC MS64: American Numismatic Rarities, June 30, 2005, Lot 1009 – $218,500.

• NGC MS63* CAC #3210695-003: Stack’s, October 2008, Lot 1271; Stack’s, March 2009, Lot 5850; Stack’s, March 23, 2009, Lot 5850 – $166,750; “The Jim O’Neal Gold Type Collection,” Heritage, January 5, 2012, Lot 4838 – $138,000; Heritage Auctions, August 3, 2012, Lot 5338 – $141,000.
• NGC MS62 #3003759-001: Heritage Auctions, January 11, 2024, Lot 4328 – $132,000.
• NGC MS62 #1974636-001: :The Twelve Oaks Collection,” Heritage Auctions, September 9, 2016, Lot 14030 – $141,000.

1795 Capped Bust Right Half Eagle, Bass-Dannreuther 4

Rarity-5. For BD-4, we see the third and final use of the second obverse. BERTY is repunched. First star is centered below the lowest curl. The tip of the flag of the “5” touches the drapery. Stars 11 and 12 touch and the top left point of star 11 overlaps “Y”. New reverse die C makes its only appearance. There are three berries on the branch.

• PCGS MS64 #46092950: Jimmy Hayes, to Harry W. Bass, via private sale, January 10, 1973; “The Harry W. Bass, Jr. Core Collection, Part II,” Heritage Auctions, January 5, 2023, Lot 9017 – $288,000. Gold foil Bass novelty insert.
• PCGS MS62 #6553455: Heritage, April 2002, Lot 6946 – $48,300.
• NGC MS62: “As NGC AU58. The Old Colony Collection,” American Numismatic Rarities, December 2005, Lot 1541 – $46,000; Heritage Auctions, August 2010, Lot 3466 – $74,750. As NGC MS62. Stack’s Bowers, August 2011, Lot 7650 – $87,500 Reserve Not Met. Wear on eagle’s head.
• NGC MS62: “The Kennywood Collection,” American Numismatic Rarities, January 2005, Lot 899 – $69,000.
• PCGS MS61 #43139548: As PCGS MS61 #50029925″The Dr. James Olsen Collection,” Heritage Auctions, January 2013, Lot 5860 – $70,500. As PCGS MS61 #43139548. Heritage Auctions, December 2021, Lot 3389 – $90,000.
• NGC MS61 #3339896-003: As NCS UNC DETAILS : Improperly Cleaned #5200995-002. Heritage Auctions, July 2008, Lot 1935 – $80,500. As PCGS Genuine #16713673. Heritage Auctions, April 2010, Lot 2235 – $38,813. As NGC MS61 #3339896-003. Heritage Auctions, August 2022, Lot 4034 – $87,000. From “Cleaned” to straight graded at MS61.

1795 Capped Bust Right Half Eagle, Bass-Dannreuther 5, S Over D

Rarity 7. Obverse 3 paired with reverse D. Very wide date. Reverse is the S Over D most associated with the more common BD-6 variety.

1795 Capped Bust Right Half Eagle, Bass-Dannreuther 6, S Over D

Rarity-5. Obverse 4 paired with Reverse D. BD-6, or the S over D variety, is an easily identifiable variety where the second “S” of STATES was punched over a “D”. Apparently, the wrong letter punch was impressed upon the die before being overstruck with an “S”. The “1” of the date is to the right of the curl and does not touch. The obverse die features narrower spacing of the date (as compared with BD-5). Raised spur from denticle to base of “5”.

• NGC MS65PL #596585-001: Heritage Auctions, January 2008, Lot 3135; “The Wisconsin Gold Type Set Collection,” Heritage Auctions, July 31, 2009, Lot 1248 – $345,000; Heritage Auctions, January 6, 2011, Lot 5076 – $345,000; Heritage Auctions, January 10, 2013, Lot 5861 – $330,175; “The Selman Family Collection, Part II,” Heritage Auctions, August 18, 2021, Lot 3427 – $588,000.
• PCGS MS63+ #31694500: Oliver Jung; “The Oliver Jung Collection,” American Numismatic Rarities, July 2004, Lot 90; As PCGS MS65 #31694500. “The D. Brent Pogue Family Collection, Part II,” Stack’s Bowers / Sotheby’s, September 30, 2015, Lot 2070 – $211,500. Pedigree research assisted by Stack’s Bowers. Pogue novelty insert. Garrett on insert.
• PCGS MS63 #02809840: “The Dr. and Mrs. Claude Davis Collection,” Heritage Auctions, August 11, 2010, Lot 3468 – $132,250.
• PCGS MS62 CAC #3504241: Heritage Auctions, January 2012, Lot 4837; Heritage Auctions, June 13, 2024, Lot 3120 – $156,000.

1795 Capped Bust Right Half Eagle, Bass-Dannreuther 7

Rarity-7. Obverse 5 paired with reverse E. This obverse die was used to strike BD-14 with the Heraldic Eagle reverse. Dannreuther and Bass believed that this die marriage was struck in either 1797 or 1798. Two points of star 10 touch the back of Liberty’s cap. The flag of the “5” rides just at the bottom of the bust truncation. Four berries on the reverse. Top leaf of the wreath touches the bottom of the “O”.

• NGC MS62 CAC: Heritage Auctions, October 2011, Lot 4854 – $92,000.
• PCGS MS61 #46092956: Stanley Kesselman to Harry W. Bass, Jr. via private sale, October 26, 1972; As PCGS MS61 #46092956. “The Harry W. Bass, Jr. Core Collection, Part III,” Heritage Auctions, May 4, 2023, Lot 4532 – $132,000.
• PCGS AU55: Superior, August 2004, Lot 976 – $31,050; “The Allison Park Collection,” American Numismatic Rarities, March 2006, Lot 1552 –  $52,900; “The Waccabuc Collection,” Stack’s, November 2007, Lot 1116 – $69,000.
• PCGS AU53 #5461622: Heritage Auctions, February 2010, Lot 1546 – $38,812.50.

1795 Capped Bust Right Half Eagle, Bass-Dannreuther 8, Narrow Date

Rarity-5+. Obverse 6 and Reverse F. Obverse also used on BD-9, 10, and 13 (Heraldic Eagle). Numerals of the date are close together. Flag of “5” angled slightly upwards, overlapping drapery. Three berries on the reverse. As is the case with BD-7, Dannreuther and Bass believe this die marriage was struck in 1797 and 1798 as it was also used to strike the Heraldic Eagle type BD-13.

• NGC MS63PL: Guttag Brothers, sold privately; John H. Clapp Collection, sold en bloc via Stack’s to Louis E. Eliasberg, Sr., 1942; “The Louis E. Eliasberg, Sr. Collection,” Bowers and Ruddy, October 1982, Lot 326 – $15,400; “The Bartle Family Collection,” Stack’s, October 1984, Lot 1110; “The Harry W. Bass, Jr. Collection, Part II, Bowers and Merena, October 1999, Lot 715 – $33,350; Bowers and Merena, July 2008, Lot 1093 – $146,625; Heritage Auctions, February 2012, Lot 4748 – $115,000.
• PCGS MS62 #46092683: John Work Garrett; “The Garrett Collection,” Stack’s, March 1976, Lot 366. As PCGS MS62 #46092683. “The Harry W. Bass, Jr. Core Collection, Part IV,” Heritage Auctions, August 10, 2023, Lot 9027 – $132,000.
• PCGS MS62 #07270095: “The Norweb Collection,” Stack’s, November 2006, Lot 1270 – $85,000; “The Music City Collection,” Heritage Auctions, April 2015, Lot 5304 – $76,375.
• PCGS MS61 #08882393: “The Essex Palm Collection,” Heritage Auctions, January 2007, Lot 3490 – $69,000.
• NGC MS61 #452909-001: “The Fab Five Collection,” Bowers and Merena, June 2010, Lot 3605 – $71,428; Heritage Auctions, August 2012, Lot 5337 – $67,563.

1795 Capped Bust Right Half Eagle, Bass-Dannreuther 9, Narrow Date

Rarity-5+. Obverse 6 and Reverse E. Obverse also used on BD-8, 10, and 13 (Heraldic Eagle). Numerals of the date are close together. Flag of “5” angled slightly upwards, overlapping drapery. On the reverse, the palm frond has four berries, two inside and two outside.

• PCGS MS62 #46092957: Michael G. Brownlee, sold privately, May 11, 1978; “The Harry W. Bass, Jr. Core Collection, Part III,” Heritage Auctions, May 4, 2023, Lot 4533 – $132,000.
• PCGS AU58 #44528565: Mid-American Rare Coin Auctions, August 1991, Lot 392; “The Harry W. Bass, Jr. Collection, Part II,” Bowers and Merena, October 1999, Lot 714 – $26,450. As PCGS AU58 #44528565. “The Pieper Collection,” Stack’s Bowers, April 2022, Lot 3127 – $66,000.
• NGC AU58 #3428612-001: Heritage Auctions, February 2011, Lot 4434 – $48,875; Heritage Auctions, January 2017, Lot 5883 – $55,225.
• NGC AU58 #1623741-003: Heritage Auctions, June 2004, Lot 6236 – $28,750.
• PCGS AU55 #25627178: Stack’s Bowers, April 2016, Lot 13178 – $42,300.
• NGC AU55: Goldberg Auctions, Lot 2095 – $16,675.

1795 Capped Bust Right Half Eagle, Bass-Dannreuther 10

Rarity 5. Obverse also used on BD-8, 9, and 13 (Heraldic Eagle). Numerals of the date are close together. Flag of “5” angled slightly upwards, overlapping drapery. On the reverse, the tip of the stem touches “A”. Leaves touch base of “U” and back leg of “N”.

• NGC MS64PL #1869250-003: Heritage Auctions, January 2007, Lot 3492; Heritage Auctions, May 2007, Lot 2275; “The Music City Collection,” Heritage Auctions, April 23, 2015, Lot 5305 – $211,500.

1795 Capped Bust Right Half Eagle, Bass-Dannreuther 11

Rarity 7+. Obverse 7. Reverse H. According to Bass and Dannreuther, this is the rarest variety of 1795 Capped Bust Right Half Eagle. The obverse is easily identifiable due to the low “9” of the date. The “1” and “5” touch the figure. On the reverse, palm frond is at a slight angle. Tip touches the tip of the serif of “A”. Leaves do not touch UNITED, but appear to rise up below it.

1795 Capped Bust Right Half Eagle, Bass-Dannreuther 12

Rarity 6+. Obverse 8 with Reverse I. Rare. Apostrophe between “B” and “E” of LIBERTY. On the reverse, four large berries. Palm frond is canted at a steeper angle than on BD-11.

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Market Data and Noteworthy Specimens – Heraldic Eagle

Top Population: PCGS MS65 (3, 7/2024), NGC MS64 (2, 7/2024), and CAC MS62 (3:0 stickered:graded, 7/2024).

1795 Capped Bust Right Half Eagle, Bass-Dannreuther 13

Obverse also used on BD-8, 9, and 10 (Small Eagle). Numerals of the date are close together. Flag of “5” angled slightly upwards, overlapping drapery.

1795 Capped Bust Right Half Eagle, Bass-Dannreuther 14

Rarity 6+. Obverse 5 and Reverse J. Tips of “1” touch hair. Tip of “5” touches bust truncation. Two points of star 10 touch the hat. Serif of “L” touches the hat. Each letter of LIBERTY is slightly canted to the right.

• PCGS MS64 #315289820: William Gustav Baldenhofer; Farish Baldenhofer; “The Farish Baldenhofer,” Stack’s, November 1955, Lot 1195; Kevin Lipton and Anthony Terranova; Paul Nugget, by sale, May 2001. As PCGS MS64 #315289820. “The D. Brent Pogue Family Collection, Part II,” Stack’s Bowers / Sotheby’s, September 30, 2015, Lot 2075 – $282,000. Pedigree research assisted by Stack’s Bowers. Pogue novelty insert.
• PCGS MS64: “The George H. Hall Collection,” Stack’s, May 1945, Lot 1866; “The James A. Stack, Sr. Collection,” Stack’s, October 1994, Lot 1032 – $104,500. As PCGS MS64. Bowers and Merena, January 2003, Lot 647 – $241,500.
• PCGS MS62+ CAC #32231605: William H. Woodin; Waldo C. Newcomer; Col. E.H.R. Green, via B. Max Mehl; King Farouk; “The Palace Collection,” Sotheby’s, February 1954, Lot 226; unknown intermediaries; As PCGS MS62 #21069563. “A Gentleman’s Collection,” American Numismatic Rarities, June 2005, Lot 1010. As PCGS MS62 CAC #21069563. Heritage Auctions, January 2012, Lot 4839 – $149,500. As PCGS MS62+ CAC #32231605. “The McCoy Family Collection of U.S. Early Gold,” Heritage Auctions, January 4, 2018, Lot 5013 – $276,000; Del Loy Hansen.
• PCGS MS62: “The Gainsborough Collection, Part II,” Superior, February 1997, Lot 2911; Stack’s, June 25, 2008, Lot 2054 – $140,000.
• PCGS MS62 #13022681: “The Lucien M. LaRiviere, Part II,” Bowers and Merena, March 2001, Lot 112; Heritage Auctions, March 2002, Lot 17517; Heritage Auctions, August 2010, Lot 3469 – $109,250; Heritage Auctions, January 2011, Lot 5077.
• PCGS AU58 CAC #46092692: “The Forrest Collection, “Stack’s, September 1972, Lot 177; Manfra, Tordella, and Brookes, sold privately 8/14/1974; “The Harry W. Bass, Jr. Core Collection, Part I,” Heritage Auctions, September 29, 2022, Lot 11028 – $186,000. Bass novelty label.

1795 Capped Bust Right Half Eagle, Bass-Dannreuther 15

Rarity 5+. Obverse 7 and Reverse K. Narrow date with Low 9. On the reverse, “A” touches the top of feather 4.

• PCGS MS62 #03887651: “Dr. James Olsen Collection,” Heritage Auctions, January 10, 2013, Lot 5862 – $129,250.

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Capped Bust Right Half Eagle Design

Obverse:

A right-facing portrait of Liberty wearing a cap. Some refer to the cap as a turban, a Phrygian cap, or a pileus, but its shape does not precisely convey any of these forms. A large curl of hair hangs over Liberty’s forehead, and her hair hangs long down the back of her neck and off her shoulder. Liberty’s bust is wrapped in the cloth of a chiton. The date appears centered below the bust, while canted slightly to the right is LIBERTY. On the left side of the obverse, 10 stars wrap around the inside of the denticles. On the right side, depending on the issue, is a configuration of five or six more stars (for a total of 15 or 16) wrapped around the denticles inside.

Reverse (Small Eagle):

A long-necked bird, meant to resemble an eagle, clutches a palm frond in its talons and a laurel wreath in its beak. Wrapping around the design is the legend UNITED STATES OF AMERICA. A larger gap exists between UNITED and the rest of the legend, and OF is closer to STATES than to AMERICA. Denticles extend from the border or the design to the edge.

Reverse (Heraldic Eagle):

The reverse displays an eagle with outstretched wings in the center and a Union shield across its body. A banner on which is emblazoned the motto E PLURIBUS UNUM is displayed high, across the eagle’s outstretched wings above the tip of the shield. The eagle holds an olive branch in its left claw and a cluster of arrows in its right claw. The legend UNITED STATES OF AMERICA makes nearly a complete circle inside the denticled rim, UNITED and STATES, and OF and AMERICA separated by the tips of the eagle’s wings. Underneath STATES OF is an arc of clouds. Below the clouds, above and around the eagle’s head, is a glory of small six-point stars in three short arcs, six at the top, five below, and one to each side of the eagle’s head. One 1798 variety has 14 reverse stars with six stars in the middle row instead of five. Some 1798 and 1799 issues have the stars arranged in a linear “cross” pattern rather than the curving arcs. All coins were minted at Philadelphia, and no mintmark or denomination appears on the coins.

Edge:

The edge of the 1797 Capped Bust Right Half Eagle is reeded, a common anti-counterfeiting measure.

Coin Specifications

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