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A History of Half Eagle Gold Coins in the US
When the first gold coins were issued by the US mint in 1795, they included a $5 coin to supplement the $10 coin that would come to be known as the Eagle, named for the newly chosen national bird featured prominently on the reverse. As such, the first fractional gold coin was named a Half Eagle, and allowed people in the US to buy gold bullion coins of domestic manufacture for the first time.
With the coinage act of 1792, the facilities to produce precious metal coinage were constructed, with smaller coins having precedent. Five dollars was a lot of money to most Americans in the late eighteenth century. From 1795-1807, the first $5 gold coin was minted in Philadelphia.
The “Draped Bust” Half Eagle obverse is a profile of a plump Lady Liberty with a turban-like cap. The eagle on the reverse may be either large or small, holding a laurel crown. The small, heraldic eagle design was minted from 1795-1798, and was called the “chicken eagle” coin by citizens at the time. The large eagle design continued until 1807. All coins in this series are especially rare, with just a handful of some dates surviving.
This Half Eagle coin was replaced by the Capped Bust Half Eagle between 1808 and 1834. This coin features a plump Lady Liberty in profile with a floppy cap. The eagle on the back side, wearing a shield and holding both olive branches and arrows, has been described by many as being “scrawny.”
All Half Eagles up until that time were cast as 91.67%, alloyed with silver and copper. In 1834, the commissioned mints for gold and silver production in Charlotte and Dahlonega, after nearby discoveries of gold, and began minting coins of 89.92% pure bullion gold coins, only to be increased back to 90% in 1837. Gold discovered in the newly “opened” West became more productive, by far, in the 1850s, onward. Mints in Denver, New Orleans, San Francisco and Carson City all minted later issues of gold Half Eagle coins.
The Classic Head Half Eagle coin was the first made in these mints, in production for just four years. The Lady Liberty appears classically Grecian with the Liberty motto on a head band, profiled only to the bottom of her neck. The eagle on the reverse remains almost entirely the same. The Classic Head Half Eagle design was replaced due to legislative pressure to manipulate the value of US-issued gold coins on the international market. It is very rare and represents a large investment for those who deal and buy gold bullion coins for long-term numismatic value.
In 1839, the Liberty Head Half Eagle began production, and would continue for nearly 50 years, until 1908. Also called the Coronet Half Eagle, this coin was produced at no less than seven mints, creating a massive investment for someone hoping to buy gold bullion coins for the entire series. However, because of the good availability of these coins, they are attractive gold coin investments for the beginning numismatic collector, with years after 1878 being the most affordable of the series.
The last Half Eagle coin minted by the US until gold ownership was made illegal was the Indian Half Eagle. Minted until the market crash of 1929, this coin differs significantly in its design from previous Half Eagles. The Indian in profile on the obverse and the resting eagle seen from an angle appear somewhat rough-hewn as compared with the style seen previously. When certified, gold coins with the Indian head design are very reasonably priced, as compared with the spot price of gold.
Arthur McGuire
March 1, 2009
