Collectible Heritage

On July 31, 1795, production of the five dollar gold, nicknamed the half eagle, commenced. Prior to 1974, due to the Mint Act of 1792, there had to be a $10,000 personal bond put up by the chief coiner and assayer before any gold or silver coin could be minted. In 1794, this requirement was lowered to $5,000 and $1,000, and Henry Voigt and Albion Cox began working on the five dollar coin. On the first day, 744 five dollar coins were struck and became the first ever gold coins minted by the United States. The obverse of the five dollar gold displayed Liberty facing right while wearing a turban, a female cap that was very popular during that time. On the reverse side, an eagle was high on an olive branch and holding a wreath held high in its beak. Some viewed this eagle as scrawny and weak causing a bit of criticism throughout the world. The Mint became concerned about the image the U.S. was conveying to the world through its coins, and so in 1798 it began using a larger eagle fashioned after the Great Seal of the United States. This version of the eagle was used every year until 1807 with the exception of 1801. Because of scarce resources, the Mint up used all workable dies available regardless of their age. Due to the commingling of older dies with new designs, large version eagles and small version eagles can be found in the same year. In 1801, the mint director hired a talented die engraver named John Reich. His task was that of improving upon the current designs. One of Reich’s accomplishments included creating a new design for the half eagle coin. The new designed showed Miss Liberty facing left with six stars surrounding her to the right and seven on her left. On her head, she has a mobcap with the words LIBERTY inscribed. Her hair is curly and flows down her shoulders. The reverse shows an eagle with its wings spread sitting on an olive branch while it grasps three arrows in its talons. The letters '5D' were in the design to indicate the denomination, the first time the face value had appeared on any U.S. coin other than on the copper coins. In 1813, Reich revised his original design of the half eagle to show Liberty's head from the neck upward and changed the position of the stars. Five dollar gold coins are quite rare due to so many of the early gold half eagles being sold and melted down. Many were melted down for there gold content when the silver to gold ratio changed overseas. Originally set to 15 to 1 by the United States government, speculators went around the government and shipped the coins abroad where they fetched a higher silver to gold ratio.