BD-4, R-5. Early die state with the obverse crack at star 12 just beginning to form; perfect reverse die state.

The 1795 Small Eagle is not the rarest early half eagle but it is clearly the most popular, due to its status as the very first issue of this denomination and, along with the similarly-dated eagle, one of the two first gold coins struck by the new United States mint. As many as 500-600 are known but in the popular collector grades of EF40 and EF45, this issue is very hard to locate.

This very pleasing example is the first 1795 half eagle which I have offered in over a year. It is choice for the grade and original with attractive orange-gold color which deepens at the borders. Both sides are lustrous and an AU50 grade would not be out of the question for this coin. There are a few old marks and light scratches in the left obverse field and a few circulation marks on the upper reverse but the eye appeal is really rather exceptional for the grade. As is always seen on this die variety, the eagle shows weakness of strike on the head, breast and left leg but this should not be confused with wear.

There is only one auction record for a PCGS EF45 1795 Small Eagle half eagle with CAC approval and it brought $36,719 as Heritage 8/12: 5335. In my opinion, the present coin is considerably nicer.

If you have been holding out for a truly choice 1795 half eagle, you know how hard it is to find a coin in a PCGS holder and how few of the “affordable” examples have good eye appeal. A very special coin for the savvy collector.

CAC has approved just three in this grade with 26 finer.