When we refer to “early US gold coinage,” we are typically discussing American gold coins struck prior to 1835 in three denominations: quarter eagle ($2.50), half eagle ($5.00), and eagle ($10.00). Within these years, there are five distinct types of quarter eagles, five types of half eagles, and two eagles for a grand total of 12 coins.

This is not a set for the faint-hearted as there are at least two coins which are six figures, and even the “common” issues are difficult to locate if the collector is picky and holds out for the right coin.

Before we begin looking at each type on an in-depth basis, let’s set some collecting parameters for this proposed set.

For every issue, there is a Best Value Grade (BVG) that makes sense even if you have an unlimited budget. It is my strong belief that paying $264,000 for an 1807 Draped But half eagle in PCGS/CAC MS65 (the current all-time auction record for this issue) represents an overbuy for most collectors, especially when a PCGS/CAC MS64+ sold in the exact same auction for $78,000.
It is also my belief that overpaying by 10-20%+ for a truly rare issue such as a 1796 No Stars or an 1808 quarter eagle isn’t such a terrible idea; so long as the coin in question is special.
It is not unrealistic to create the parameter for your early gold type set that every coin has to be PCGS/CAC. This will make the 1796 No Stars and 1808 quarter eagles even more difficult to locate, but given that a significant percentage of the total cost for this type set will be spent on these two coins, they aren’t items which should be bargain shopped.
For a number of types, it is possible to include a scarcer to much scarcer issue for a reasonable premium over a common date. As an example, most collectors will opt for an 1802/’1’ or an 1807 when adding a Stars Obverse Draped Bust quarter eagle. Why not add a somewhat lower grade 1798 Wide Date (with its desirable 18th century date) or the low mintage 1806/4?
It makes sense to keep grades fairly consistent when assembling this set. If you are contemplating buying a Gem 1827 Capped Head half eagle, why would you settle for a VF 1796 Capped Bust half eagle? With the exception of the rare 1796 No Stars and 1808 quarter eagles, I feel that every coin in the set should be at minimum AU55, and as many as possible should be at least MS62 to MS63.

Let’s now look at each of the 11 types.

*1796 No Stars $2.50 graded NGC MS63, from the dwn archives*

Capped Bust Right Quarter Eagle, No Stars (1796 only)

The 1796 No Stars is a highly desirable one-year type with a total mintage of just 963 coins. There are an estimated 80-100 known, with as many as half of these showing extensive problems (and all but a handful of these problem coins are still straight graded by PCGS or NGC). There have been 10 approved by CAC with one in EF45, one in AU55, three in AU58, and five in Uncirculated.

The PCGS/CAC EF45 cited above sold for $144,000 in a June 2020 auction, but I didn’t like that coin. The Simpson coin graded MS62+ by PCGS and approved by CAC sold for a strong $2,160,000 in its last appearance in the 2022 FUN auction. This coin, I liked.

The ideal coin for an advanced collector would likely be one of the three in AU58 with CAC approval, but I can’t see one of these coming up for sale any time soon, and if one does turn up, I think you can expect to pay around $400,000-500,000 if it is nice.

There are no easy solutions to the “where do I find a reasonably priced and nice 1796 No Stars quarter eagle,” dilemma. This is a very important one-year type, first-year-of-issue coin which always has more buyers than sellers. My best advice is to be very patient for the right coin to turn up, and when it does, be aggressive and 100% ready to buy it.

*an example of an 1802/'1' With Stars $2.50 graded PCGS AU55 and CAC approved, from the dwn archives*

Capped Bust Right Quarter Eagle, With Stars (1796-1807)

Fewer than 20,000 were produced of this design type with a full one-third dated 1807. As I mentioned above, most collectors opt for an 1802/‘1’ or an 1807; usually in the lower Uncirculated grades. A nice 1807 in PCGS/CAC MS62—one of only two approved by CAC with none finer—sold for $52,800 as Heritage 2023 FUN: 3824. I liked this coin and it makes sense to me from a value standpoint. However, I’d personally rather have an 18th century issue such as a 1797 or a 1798 in AU. There is a problem with this thinking, though, as CAC has approved just six 1797s and 12 1798s (this includes both the Close Date and Wide Date varieties), which means that this type will prove almost as difficult as the 1796 No Stars.

I also mentioned the low mintage 1806/4 as a potential alternative to the 1802/1 or 1807, but a quick perusal at CAC records reveals that only seven coins have been approved in all grades, and only two have been available to collectors in the last decade.

Even the common 1807 is elusive in PCGS/CAC MS62 with just one coin having sold three different times since 2020.

What then is the proper solution? I’m going to suggest a nice 1802/‘1’ in MS61 or MS62, with a possible swerve to a nice AU 1798 if possible. You’ll likely need to budget around $50,000-60,000 for the right coin.

*1808 $2.50 graded PCGS MS63 CAC, from the DWN archives*

Capped Bust Left Quarter Eagle, Large Planchet (1808 only)

Here’s another rarity which like the 1796 No Stars is a one-year issue. Employing the new John Reich design, there were only 2,710 made and while it is a slightly less rare coin than the 1796 No Stars, it is every bit as rare—if not even rarer—in high grades.

As with the 1796 No Stars, you are looking at a minimum expenditure of $200,000 for an acceptable coin, and even at that level there is no guarantee you’ll locate one with CAC approval. Only 11 have thus far been stickered and these come onto the market at a rate of around once every 18 months. A well-pedigreed PCGS/CAC AU53 brought $204,000 in January 2021; I personally liked the coin better as a 50. In November 2023, an NGC MS63 brought $360,000 and I graded the coin MS61+/62. Neither of these were the “right” coin for most collectors. Such a coin does exist and again I stress that you need to be ready to pull the trigger when such a piece becomes available.

*1827 $2.50 graded PCGS AU58 CAC, from the DWN archives*

Capped Head Left, Small Planchet (1821-1827)

The quarter eagle denomination was resurrected after a decade+ hiatus and the diameter was reduced from 20 mm to 18.5 mm. This type was made for just five years with a total production of 17,042. All five dates are scarce although this type will be much easier to locate than the 1796 No Stars and the 1808 quarter eagles. I would estimate a total of around 300 extant for the entire type.

The two most available dates are the 1825 and the 1827, while the rarest is the 1826/6. The 1821 is surprisingly rare given that more than 1/3rd of all the coins struck for this type were of this date.

This type didn’t see much circulation, so the majority of available coins fall into the AU55 to MS62 range. Properly graded MS63 Capped Head Small Planchet quarter eagles are rare in MS63, very rare in MS64, and exceedingly rare as Gems.

There are very few 1821, 1824/1, and 1826 quarter eagles which grade MS60 or finer and which have been approved by CAC. Your best bet will be the 1825 with a current population of nine in Mint State at CAC. A stickered MS61 will cost around $50,000, while an MS63 will run around $75,000.

*1834 CAPPED BUST LEFT, REDUCED SIZE, $2.50 graded PCGS MS63, from the DWN archives*

Capped Bust Left Quarter Eagle, Reduced Size (1829-1834)

This type had a duration of five years. A total of 25,023 were made and the survival rate is greater than the previous type. The rarest date of is the 1834 followed by the 1833. All the issues are scarce in grades through MS62, very scarce in MS63, rare in MS64 and very rare in MS65.

I would suggest the 1829, 1830 or the 1831 in MS63 or MS64 as an ideal type coin. In my experience, Uncirculated coins of this design in the MS60 to MS62 range aren’t very nice and if you buy and MS63 or an MS64 you can be more certain that your coin is free of wear or rub.

Looking at current CAC populations, the 1829 is a realistic possibility for a type collector with eight coins approved in the MS63-64 range (six in MS63 and two in MS64), while both the 1830 and the 1831 show populations of five in this range (three in MS63 and two in MS64).

In MS63, you are looking at around $40-50K for a nice PCG/CAC coin. A PCGS/CAC MS64 should cost around $80,000-90,000.

*1795 $5.00 graded PCGS AU58, from the dwn archives*

Capped Bust Right Small Eagle Half Eagle (1795-1798)

For virtually all early gold type sets, the Capped Bust Right Small Eagle half eagle is represented by the 1795. While the 1796 and 1797 issues are much rarer, the 1795 Small Eagle is one of the most popular US gold coins due to its status as the first-year-of-issue for both the type and for the entire denomination.

In any circulated grade, the 1795 Small Eagle is actually fairly available with hundreds known in grades ranging from heavily worn (VG to VF) to nice AU. Uncirculated coins are available in grades through MS65.

When comparing this issue’s level of value with other early gold issues, I believe that the 1795 Small Eagle $5 is actually overpriced. A CAC approved PCGS MS61 is currently valued at around $150,000, while a PCGS MS62 might fetch upwards of $225,000. This money would buy you a world-class rarity in most other early gold series, but as I mentioned above, this is a seriously popular issue.

For that reason, I would approach this issue one of the two ways. The first is to pursue a nice PCGS/CAC AU55 or AU58 which should be available at around $100,000. The second is to buy a nice non-CAC PCGS MS62 or MS63. You’ll spend around $125,000-150,000 for the former, and $200,000 or so for the latter.

Personally, this is an issue I would stretch on. The 1795 SE $5 is a truly iconic coin which has been a solid price performer over the years, and I have no reason to believe that it will not continue to be.

*a 1795 $5.00, large 8, 13 stars, graded pcgs ms62 cac, from the DWN archives*

Capped Bust Right Half Eagle, Heraldic Eagle (1795-1807)

Mintages for this type are significantly higher than for all the quarter eagles of this era and, accordingly, the availability of many of these issues are far greater.

I personally split this type into two distinct groups: the first are the pre-1800 issues, while the second is the post-1800 issues. Naturally, I would rather have a coin struck prior to 1800 than one made post-1800.

The 1795 and 1797 Heraldic Eagle reverse half eagles made in 1795 and 1797 (none were struck in 1796) are too rare to be used as type coins. However, the 1798 and 1799 are reasonably common in all circulated grades and are somewhat available in the lower Uncirculated grades. Either of these dates in PCGS/CAC MS63 or finer is very rare but not impossible. An MS63 with CAC approval will run around $100,000 and up.

A more practical alternative is an 1800-1807 date in PCGS/CAC MS64. Dozens exist so you can be highly selective. Look to spend around $60,000 or so, and hold out for a really pretty coin with great color and thick mint frost.

*1808/7 $5.00 graded pcgs ms63 cac, from the dwn archives*

Capped Bust Left Half Eagle (1807-1812)

This is likely the first high-grade type most collectors of early gold will purchase due to the relatively availability of stellar PCGS/CAC MS63 and MS64 pieces. CAC has approved more than 50 of these in MS64.

The key issues are the 1808/7, 1810 Small Date/Small 5, and the 1810 Large Date/Small 5. The most suitable dates for type purposes are the 1807 (first year of issue), the 1809/8 (cool overdate), the 1810 Large Date/Large 5, the 1811, and the 1812 (historic War of 1812 date).

I think the right grade for this type set is PCGS/CAC MS64. This will require around $50,000. Look for a coin with great eye appeal, good color, and dynamic frosty luster.

*1818 $5.00 graded pcgs ms63 cac, from the dwn archives*

Capped Head Left Half Eagle, Large Planchet (1813-1829)

There are a number of extremely rare issues for this type. These include the 1815 (one sold in 2023 for $720,000), 1821, 1822 (only three are known with two in the Smithsonian; the most recent APR for this issue was $8.4 million in March 2021), 1825/4 (only two known with a 2016 auction record of $940,000), 1828/7, and the 1829 Large Date.

While none of those issues make sense for a type collection, there a good number that do. These include the relatively common 1813, the 1814/3, the 1818, 1820, and the 1823.

I would pick the 1818 or the 1820 as my type coin for this design. The 1818 comes in three significant varieties, two of which (the Normal Reverse and the STATESOF Reverse) are sometimes available in PCGS/CAC MS62 or MS63. This date is characterized by rich frosty luster, and coins with natural color are often seen with pleasing rich orange-gold hues. A PCGS/CAC MS62 is currently a $50,000+ coin, while the same issue in PCGS/CAC MS63 is valued at around $80,000-90,000.

The 1820 is also found with three varieties. The most common is the Square Base 2. It is occasionally seen with reflective surfaces which on certain examples can be very attractive. The price points described above for the 1818 are similar for the 1820.

Another option is to select a rarer date such as the 1826 or the 1827 and pursue one in MS63 to MS64.

*1834 plain 4 $5.00 graded pcgs ms64+ cac, from the dwn archives*

Capped Head Left Half Eagle, Reduced Planchet (1829-1834)

Given the reasonably generous mintage figures, you would guess that these issues are somewhat common. They are far from common and are classic “melt rarities.” Due to a change in fineness and a significant reduction in the weight of gold coins in 1834, these late 1820s/early 1830s were melted in significant quantity, and over 95% of the coins produced were melted as they were worth more than their face value.

As a result, every issue of this type is rare and a few are excessively rare such as the 1829 Small Date and the 1832 Curled Base 2.

My selection for a type coin representing this design would depend more on the appearance of a specific coin than its actual grade. In keeping with the rest of this set, I’d suggest an example graded MS63 or MS64 by PCGS/CAC.

CAC has approved a total of 35 coins in all grades, with just 7 in MS63 and 10 in MS64. For an MS63, we are looking at a cost of $200,000 or more, while an MS64 will cost $250,000+.

This will be an expensive and a difficult type to locate but the coin(s) that are likely to come available should be very attractive.

*1796 $10.00 graded pcgs au58 cac, from the dwn archives*

Capped Bust Right Eagle, Small Eagle Reverse (1795-1797)

Nearly every collector who will be working on a high-end type set of early gold will include a 1795 in the Capped Bust Right, Small Eagle slot and understandably so. This issue is the first eagle struck and it is extremely popular because of this. As with its little bro the 1795 Small Eagle five dollar, you can make a case for the 1795 eagle being overvalued; especially when compared to the rarer 1796. However, virtually every collector would prefer to own a 1795 and this is very understandable.

1795 eagles exist with 9 leaves and 13 leaves on the branch beneath the eagle. The 9 leaves is extremely rare and impractical as a type coin.

There are an estimated 250-350+ known and this includes around 10-15+ in MS62 and another 8-10 in MS63. In MS64 and finer, the 1795 eagle is extremely rare. A nice PCGS MS62 will cost around $175,000-200,000 for a non-CAC coin, and close to double this amount for one with CAC approval. In February 2023, a PCGS/CAC MS63 brought a record-setting $444,000, while an NGC/CAC MS63 sold for $264,000 in August 2023.

I’m going to be controversial here and suggest that you consider a 1796 instead of a 1795. The 1796 is at least two to three times scarcer and it is priced favorably in comparison to the more popular 1795. I bought a nice CAC approved PCCGS AU58 for $168,000 in the Stack’s Bowers 2023 ANA sale, and a PCGS non-CAC MS62 sold for $300,000 as Stack’s Bowers 11/2022: 4006.

*1799 small obverse stars $10.00 graded pcgs ms62 cac, from the dwn archives*

Capped Bust Right Eagle, Heraldic Eagle Reverse (1797-1804)

In this popular type, there are a few scarce to rare issues (both of the 1798/7 varieties and the 1804) while the others are common. In my opinion, the best choice for a type coin is the 1799 due to its 18th century date of issue. Varieties exist with large and small stars on the obverse and either is well-suited for use as a type coin.

The 1799 eagle is very common in all circulated grades. CAC approved MS62 through MS64 coin are scarce but not impossibly so with populations as follows:

MS62: 7
MS63: 11
MS64: 13

Costs for each grade are estimated as follows:

MS62: $50,000+
MS63: $85,000+
MS64: $200,000+

In my opinion, the best value is an MS63.

Before we finish, here are some pertinent numbers from PCCGS/CAC and some thoughts from me.

    Total Number Graded by PCGS and Approved by CAC
  


    Coin Type
    PCGS Graded as of 
6/2024: All Grades
    CAC Approved as of 
6/2024: All Grades
  

    1796 No Stars $2.50
    78
    10
  

    1796-1807 $2.50
    565
    170
  

    1808 $2.50
    65
    12
  

    1821-1827 $2.50
    167
    40
  

    1829-1834 $2.50
    332
    65
  

    1795-1798 $5.00
    431
    78
  

    1795-1807 $5.00
    2969
    747
  

    1807-1812 $5.00
    1999
    460
  

    1813-1829
    828
    161
  

    1829-1834 $5.00
    146
    34
  

    1795-1797 $10.00
    382
    40
  

    1797-1804 $10.00
    1992
    271
  

No surprises here as the 1796 No Stars and the 1808 quarter eagles are clearly the two rarest types for any level of early US gold type set. The next tier of rarity is the highly undervalued 1821 to 1827 quarter eagle and the 1829-1834 “Fathead” half eagle.

The three most available issues are the1795-1807 half eagles, the 1807-1812 half eagles and the 1795-1804 eagles.

    Total Number Graded by PCGS and Approved by CAC
  


    Coin Type
    PCGS Graded as of 
6/2024: MS63 and finer
    CAC Approved as of 
6/2024: MS63 and finer
  

    1796 No Stars $2.50
    2
    1
  

    1796-1807 $2.50
    28
    11
  

    1808 $2.50
    2
    1
  

    1821-1827 $2.50
    30
    12
  

    1829-1834 $2.50
    89
    27
  

    1795-1798 $5.00
    20
    6
  

    1795-1807 $5.00
    465
    136
  

    1807-1812 $5.00
    495
    298
  

    1813-1829
    285
    110
  

    1829-1834 $5.00
    51
    25
  

    1795-1797 $10.00
    26
    10
  

    1797-1804 $10.00
    266
    58
  

Once you get into the MS63 and higher grades—and you factor CAC into the equation—all the early types are scarce with the exception of the 1807-1812 and the 1795-1807 half eagles. The level of high grade rarity for the 1813-1829 half eagles is skewed by the relative abundance of high grade 1813’s with over 1/3rd of the coins graded MS63 and finer by CAC being this issue.

For collectors with a high numismatic budget, I can’t think of a more interesting project than a high quality early gold type set.

If you would like to work with me in assembling a world-class early gold type set, please contact me by phone at (214) 675-9897 or via email at dwn@ont.com.

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So...You Want to Build an Exceptional Type Set of Early US Gold Coins...

Let’s now look at each of the 11 types.

Douglas Winter Numismatics

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