Liberty Head Half Eagle, With Motto (1866-1908) | CoinWeek

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

First minted in 1839, the Liberty Head Half Eagle–sometimes called the Coronet Head Half Eagle, referring to the coronet worn by Liberty–is a Neoclassical refinement over William Kneass’ Classic Head of 1834-1838.

Christian Gobrecht designed the obverse and reverse just two years before assuming the position of United States Mint Chief Engraver. The Liberty Head design first appeared on the Eagle in 1838 and launched on the Quarter Eagle in 1840.

For nearly 70 years, the design was synonymous with U.S. gold coinage, serving the country through various gold rushes, myriad market panics, and the Civil War. The final emission of the type was struck in 1908 and was replaced midyear by the Indian Head type designed by Bela Lyon Pratt.

A significant change to the Liberty Head design occurred at the end of the Civil War, as the country was awash in religious sentiment. On March 3, 1865, Congress enacted legislation requiring U.S. coins large enough to accommodate it to bear the motto IN GOD WE TRUST. The motto was introduced in 1866.

The Civil War’s Lasting Impact on American Gold Coinage

The impact of the American Civil War went far beyond the horrors of the battlefield. In the North, urbanization, industrialization, and immigration continued at an accelerated pace – a large part of the economic growth financed by federal debt and western gold. In the vanquished South, an over-reliance on an agrarian economy slowed economic growth and the abolition of slavery reset the labor market. White racial resentment directed toward newly freed people, Southern distrust of Northern administrators, and rampant corruption cast an uneasy pall over Reconstruction.

Economically, the conflict initiated a prolonged period of hoarding hard money. Coins disappeared from circulation during the war and the scarcity continued afterward. This changed in 1878 when banks and the Federal Government resumed specie payments. Half Eagles were in high demand and the Mint responded by producing them in large numbers.

Other than in 1873 (a year of high mintage apparently due to the recoinage of worn and obsolete gold pieces deposited by the Treasury), the total annual half eagle output from 1866 through 1877 was never greater than 100,000 coins; in 1875 and 1876, each year’s output was fewer than 25,000 pieces.

By contrast, production surpassed one million coins for the first time in 1880, when over 4.5 million Liberty Head Half Eagles were minted. And while mintages were not consistently at that level in subsequent years, they were high enough that many of these issues are common in the collector market today.

Proof Liberty Head Half Eagles were produced in every year of the With Motto sub-type, but not until the mid-1890s did production reach 100 or more coins. In 1887, the Philadelphia Mint produced only Proofs. Circulation strikes that year were handled exclusively by the San Francisco Mint.

How Much Are Liberty Head Half Eagles With Motto Worth?

Over 400,000 business strike Liberty Head With Motto Half Eagles have been certified by the leading grading services. The majority of the coins certified were struck from 1878 onward, particularly those minted at Philadelphia from the late 1890s through the end of the type. Due to the coin’s size, these issues have long been popular with telemarketers and gold coin investors.

Most examples minted before 1878 see steady price increases at XF40 and each increment finer. Some of these issues can be quite expensive in Mint State.

Liberty Head Half Eagles struck at Carson City and New Orleans are not as common, along with a handful of San Francisco issues. With Motto Liberty Head Half Eagles minted at Carson City and New Orleans may be priced out of most collector’s budgets, with some dates being prohibitively expensive in Mint State grades finer than MS63.

Philadelphia half eagles minted later than 1878 are moderately priced through MS62, expensive to very expensive finer. Dates that command higher prices include 1870-CC, 1873-CC, 1875, 1878-CC, and most Gem and finer pieces.

About a thousand Liberty Head With Motto Half Eagle Proofs have been certified, including many Cameo and Deep Cameo/Ultra Cameo examples. Scarcer are the dates issued prior to the late 1880s. Attractive well-preserved Proofs, especially with Cameo on the devices, are highly coveted and priced accordingly.

In-Depth Date Analysis by CoinWeek Notes

• 1900
• 1903-S

Extended Coverage on CoinWeek

• Liberty Head Half Eagle Gold Coins: A Guide for Collectors
• A Seven-Mint Liberty Head Half Eagle Set on Steroids
• What I Learned About Liberty Head Half Eagles From the Fairmont Hoard
• So You’ve Decided to Collect Liberty Head Half Eagles
• So You’ve Decided to Collect (a Set of) New Orleans Liberty Head Half Eagles

U.S. gold coin specialist Doug Winter has written several articles of advice to collectors and potential collectors of this long-running series.

• Liberty Head Half Eagles – The Only Coin Series Struck at All U.S. Mints!
• Rare Gold Coins Under $5,000 Each: With Motto Liberty Head Half Eagles

Rare U.S. coin expert and CoinWeek contributor Greg Reynolds digs deep into the With Motto series and offers his advice to collectors.

Liberty Head Half Eagle, With Motto Design

Obverse:

Liberty faces to the left, her hair bundled at the back and secured with a beaded tie, but with two strands of hair cascading down the side and back of her neck. The word LIBERTY stretches across a coronet resting above her hairline. Thirteen six-pointed stars encircle just inside a denticulated rim, with the date centered at the bottom.

Reverse:

The reverse displays an eagle with outstretched wings and a shield over its breast. The eagle clutches an olive branch in its right claw and three arrows in its left. Interestingly, the fletching is visible for only two of the three arrows. The legend UNITED STATES OF AMERICA is broken into three parts by the eagle’s wing tips and follows along the inside of the periphery. Above the eagle, below STATES OF, is a curved banner displaying the motto IN GOD WE TRUST.

The denomination is expressed as FIVE D. and is located at the bottom of the circle of text. An interpunct separates either side of the denomination from the legend.

Liberty Head Half Eagles were minted at Philadelphia (every year except 1887), San Francisco (all years except 1889-1891, 1907-1908), Carson City (1870-1884, 1890-1893), New Orleans (1892-1894), and Denver (1906-1907); CC, D, O, and S mintmarks are located on the reverse above FIVE D., below the eagle.

Edge:

The edge of the Liberty Head Half Eagle is reeded, a time-honored anti-counterfeiting tactic.

Varieties

Several varieties are known, including the 1873 Close 3 and Open 3; the 1881 Final 1 Over 0; the 1901-S Final 1 Over 0; and other, more minor die variations.

Coin Specifications

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Additional References

Bowers, Q. David. The Experts Guide to Collecting and Investing in Rare Coins. Whitman Publishing.

–. A Guide Book of United States Type Coins. Whitman Publishing.

–. A Guide Book of United of Double Eagle Gold Coins. Whitman Publishing.

Breen, Walter. Walter Breen’s Encyclopedia of U.S. Coins. Doubleday.

Garrett, Jeff, and Ron Guth. Encyclopedia of U.S. Gold Coins, 1795-1933. Whitman Publishing.

Guth, Ron, and Jeff Garrett. United States Coinage: A Study by Type. Whitman Publishing.

Taxay, Don. The U.S. Mint and Coinage. Arco Publishing.

Winter, Douglas. Gold Coins of the Charlotte Mint: 1838-1861. Zyrus Press.

–. Gold Coins of the New Orleans Mint: 1839-1909. Zyrus Press.

–. Gold Coins of the Dahlonega Mint: 1838-1861. Zyrus Press.

Yeoman, R.S., and Jeff Garrett (editor). The Official Red Book: A Guide Book of United States Coins. Whitman Publishing.
 

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