A Collecting Guide by Doug Winter

Photos and text used with permission and courtesy of Douglas Winter Numismatics

Description:

The Capped Bust, Heraldic Eagle type of 1795-1807 was replaced in 1807 due to the addition of John Reich as Assistant Engraver at the Mint. His new design was significantly different than the old Robert Scot coinage with a large capped bust facing to the left wearing a large, loose-fitting cap; the reverse replaced the old Heraldic eagle design with an upright eagle whose wings are spread outwards.

Reich’s Capped Draped Bust half eagles were produced from 1807 through 1812. Mintage figures for these coins tend to be comparably high and the survival rate is greater than for nearly any other early gold type. This means that collectors should be able to find a nice example with little difficulty, even in higher grades.

There are a number of different ways to collect this series. Type collectors seek a single nice example to represent this design. As a type collector, you should be able to select from a number of different dates as many of the half eagles produced from 1807 to 1812 are common enough to sell for no real date premium. Date collectors like this type because there are no major “stoppers” unlike in nearly all of the other early gold series. And die variety collectors will discover that Capped Draped Bust Half Eagles are a real challenge with a host of significant major and minor varieties known to exist.

Before we look at the series on a date-by-date basis, let’s discuss some basic collecting tenets about Capped Draped Bust Half eagles which, in truth, can be applied to all early gold coins.

1. If possible, try to buy an original piece with nice color and luster. Most Capped Draped Bust half eagles have been cleaned or processed at one time and show little remaining originality. But there are enough nice, original coins around that if the collector is patient and if he learns the hallmarks of originality, he should be able to purchase an outstanding coin for type purposes.

2. Many half eagles of this type show adjustment marks. These are not considered detracting and generally do not have an impact on a coin’s grade.

3. If you are looking at an unencapsulated example of this type, make certain to carefully check the rims and edges. Many early gold coins have been used in jewelry and show traces of having been mounted. Unless you really know what you are doing, I’d strongly suggest you stick with a PCGS or NGC graded early half eagle.

4. Enough of these coins typically trade hands at shows and at auctions that it is possible to have a better idea what they are worth than the rarer, less frequently traded types such as the Fat Head issues of the 1820’s and 1830’s. Greysheet Bid levels on early gold coins tend to be too low as prices on these coins are quickly moving up. If you are using auction records as a reference point, only check recent ones as those prior to 2007 are worthless at this point.

5. Strike is not generally a major factor in determining grade and value in this series but, that said, avoid an example that is very softly detailed at the centers.

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