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Draped Bust Gold $5 Half Eagles

Published April 11, 2026

U.S. Gold Coins

Coin Design History

Draped Bust Half Eagles (1795–1807)

Collectors Key Editorial  •  Gold Series
Author NameChris D.Date PublishedApril 11, 2026 DenominationHalf Eagle ($5 Gold) Years Issued1795–1807 DesignerRobert Scot Composition91.67% gold, 8.33% copper and silver Weight8.75 grams Diameter25 mm EdgeReeded TypesSmall Eagle reverse (1795–1798); Heraldic Eagle reverse (1795–1807, including backdated issues) MintPhiladelphia only Die StudyBass-Dannreuther (BD) numbers

The First Gold Coin Struck in the United States Was a Half Eagle, Delivered July 31, 1795

The Mint Act of April 2, 1792 authorized a gold coinage, but the federal government lacked the capital to begin operations promptly, and silver took precedence when production finally commenced in 1794. Gold coinage waited until Chief Engraver Robert Scot had finished the necessary dies. On July 31, 1795, coiner Henry Voigt delivered 744 half eagles to the Treasurer of the Mint, the first gold coins struck in the United States. The first delivery of the ten-dollar eagle followed nearly two months later. The quarter eagle did not appear until 1796. The half eagle therefore carries the specific precedence of being the first federal gold denomination in production, a distinction that sustains demand for the 1795 date across all collector categories from type sets to comprehensive die variety collections. By the final delivery of the year on September 16, 8,707 half eagles bearing the 1795 date had been coined, though Dannreuther has identified evidence suggesting additional 1795-dated coins were struck in calendar year 1796 from dies carried over into that year, which would explain the higher-than-expected survivor count across twelve documented die marriages. Heritage Auctions, June 13, 2024, lot 3120, 1795 Capped Bust Right Half Eagle BD-3, PCGS Mint State 62 CAC, $156,000.1

Scot's Obverse Came from a Classical Cameo; His Small Eagle Reverse Pleased No One

Scot modeled the reverse eagle on an ancient cameo, likely a first-century Roman work, showing a perched eagle with wings outspread, holding a wreath in its beak and a palm branch in its claws. Contemporary critics, and later numismatists, noted that the eagle looked diminutive and unconvincing beside European coinage, earning the informal nickname "chicken eagle" that persists today. The obverse depicts Liberty facing right in a soft cloth cap, her hair and bust draped in the classical manner. No denomination appears anywhere on the coin; the five-dollar value was implicit in weight and purity, traded by the tale just as gold bullion had always been. The early Mint operated in conditions of genuine scarcity: steel dies were expensive, yellow fever periodically closed the building, planchet supply was erratic, and depositors who brought gold for coinage could specify the denomination they wanted. The combination of these pressures produced a series where die reuse, out-of-sequence dating, and unusual die marriages were not anomalies but standard practice, and where the Bass-Dannreuther die study remains indispensable for understanding what was actually struck and when.2

The 1798 Small Eagle half eagle is among the most significant rarities in the early gold series. Its existence was entirely unknown to collectors until 1865, when dealer W. Elliot Woodward acquired the first specimen. The coin was almost certainly struck not in 1798 but sometime in late 1797 or early 1798 as the last use of the Small Eagle reverse dies before the Heraldic Eagle type took over, from old dies in an emergency situation while the Philadelphia Mint struggled to resume production after yet another yellow fever epidemic had shuttered the building. Only seven specimens have been traced. It is the date that prevents most collectors from attempting a complete run of Small Eagle half eagles by date, which makes it paradoxically both obstacle and destination: the coin that defines the challenge of the series.

Yellow Fever Epidemics Created the Backdated Heraldic Eagle Half Eagles

After the 1796 yellow fever outbreak closed the Mint, the serviceable 1795-dated obverse dies were stored rather than destroyed. When production resumed and a new Heraldic Eagle reverse became available in 1798, the old obverse dies were pressed back into service, creating coins bearing the 1795 obverse date on a 1798 Heraldic Eagle reverse. Similar circumstances produced 1797-dated obverse dies paired with the new reverse. These cross-type "combination" pieces, where the obverse and reverse designs belong to different design periods, are among the rarest half eagles of any date. The Heraldic Eagle reverse, adapted from the Great Seal of the United States, replaced the criticized Small Eagle beginning formally in 1798 and continued through 1807. The shield, E PLURIBUS UNUM motto on a ribbon above the eagle, stars arranged in arcs or occasionally in a cross pattern, and the olive branch and arrows in the eagle's talons are all elements drawn from the Seal. The 1797 variety with sixteen obverse stars (added after Tennessee's admission to the Union) is unique and permanently held in the Smithsonian Institution.3

Building the Set

A type set requires two coins from this series: one Small Eagle half eagle and one Heraldic Eagle half eagle. The 1795 Small Eagle is the natural choice for the first type, combining first-year-of-issue status with the largest survivor population in the Small Eagle group. The 1806 is the most recommended for the Heraldic Eagle type, with the largest survival count and the best strike consistency of the series. Gem (Mint State 65 or finer) examples of any date are individually notable; the realistic acquisition target across both types is Extremely Fine to About Uncirculated for the Small Eagle and About Uncirculated to lower Mint State for the Heraldic Eagle dates. A date set of the Small Eagle type founders on the 1798, of which only seven specimens have been traced; a practical Small Eagle date run therefore covers 1795, 1796, and 1797, a demanding but achievable trio. The Heraldic Eagle dates (1798 through 1807, excluding the unique 1797-dated combination pieces and Smithsonian-held rarities) offer more dates at comparable difficulty levels, with virtually no issue that can be called available in Mint State. The die variety dimension of both types, catalogued in the Bass-Dannreuther system, provides a lifetime of collecting depth beneath the type and date structure. The primary specialist reference is Dannreuther, John W., and Bass, Harry W. Jr., Early U.S. Gold Coin Varieties: A Study of Die States, 1795–1834 (Atlanta: Whitman Publishing, 2006).4

Notes

  1. The Mint Act of April 2, 1792 authorizing gold coinage; gold waiting until Scot's dies were ready; coiner Henry Voigt delivering 744 half eagles to the Treasurer of the Mint on July 31, 1795 as the first gold coins struck in the United States; the first $10 eagle delivery following nearly two months later; the quarter eagle not appearing until 1796; the total 1795 mintage of 8,707 coins across nine deliveries through September 16; Dannreuther's evidence of additional 1795-dated coins struck in 1796 from carried-over dies; twelve documented die marriages for the 1795 date are from Dannreuther, John W., and Bass, Harry W. Jr., Early U.S. Gold Coin Varieties: A Study of Die States, 1795–1834 (Atlanta: Whitman Publishing, 2006), pp. 1–60. Auction: Heritage Auctions, June 13, 2024, lot 3120, 1795 Capped Bust Right Half Eagle BD-3, PCGS Mint State 62 CAC, $156,000.
  2. The reverse eagle modeled on a first-century Roman cameo showing a perched eagle with wreath and palm branch; the "chicken eagle" nickname in contemporary and numismatic usage; the obverse depicting Liberty facing right in a soft cloth cap; no denomination appearing anywhere on the coin; value determined by weight and purity traded by the tale; the operating conditions of the early Mint (expensive dies, yellow fever closings, erratic planchet supply, depositor-specified denomination orders); die reuse and out-of-sequence dating as standard practice; the Bass-Dannreuther die study as essential to understanding actual production are from Dannreuther and Bass (2006), pp. 1–100, and Breen, Walter, Complete Encyclopedia of U.S. and Colonial Coins (New York: F.C.I. Press/Doubleday, 1988).
  3. The 1795 Small Eagle obverse dies stored rather than destroyed after the 1796 yellow fever epidemic; the reuse of those dies with the 1798 Heraldic Eagle reverse creating backdated combination pieces; similar circumstances producing 1797-dated obverses paired with the new reverse; the extreme rarity of these combination pieces; the Heraldic Eagle reverse adapted from the Great Seal (shield, E PLURIBUS UNUM ribbon, stars, olive branch and arrows in eagle's talons); stars arranged in arcs or cross patterns; the 1797 variety with sixteen obverse stars as unique and permanently held in the Smithsonian Institution are from Dannreuther and Bass (2006), pp. 100–200.
  4. The two-type-set requirement (1795 Small Eagle; 1806 Heraldic Eagle as recommended examples); Gem examples of any date as individually notable; the realistic grade targets (Extremely Fine to About Uncirculated for Small Eagle; About Uncirculated to lower Mint State for Heraldic Eagle); the 1798 Small Eagle at only seven traced specimens as the obstacle to a complete Small Eagle date run; the practical Small Eagle date run as 1795, 1796, and 1797; the Heraldic Eagle dates (1798 through 1807) offering more dates at comparable difficulty; virtual absence of available Mint State issues across the Heraldic Eagle series; the Bass-Dannreuther die variety system as a lifetime collecting dimension beneath the type and date structure; and the primary reference are from Dannreuther and Bass (2006).

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