Classic Head Half Eagle

The Classic Head Half Eagle gold coins were minted from 1834 to 1838.

Specifications

 * Designer: William Kneass
 * Obverse Design:
 * Reverse Design:
 * Edge: Reeded
 * Weight: 8.24 grams
 * Diameter: 23.8 millimeters
 * Composition:  Gold (89.9%), Copper (10.1%)
 * Dates Minted: 1834-1838

Background
In the first part of 1834, the amount of gold in the United States $5 gold piece, or “half-eagle”, was worth more than $5. This high gold content in U.S. gold coinage had been an ongoing problem for the U.S. Mint, as U.S. gold coins were flowing OUT of the country to be traded in and melted, rather than circulating here in this country. This problem was alleviated somewhat with the Act Of June 28, 1834, which reduced the amount of gold content in the half-eagle to .89920, to go along with.1008 silver and copper content. At the same time, a new type of U.S. half-eagle gold coin would be created with the new precious metal content scheme– as well as reduced weight and diameter. This new $5 coin would be the Classic Head half-eagle gold piece.

History
From the late 1820's through the early 1830's, a healthy amount of gold was found in the hills of western North Carolina and northern Georgia. The United States had far more of the precious metal at its disposal. The result: an increase in the number of $2.50, $5 and $10 gold coins struck, the addition of new branch mints in Charlotte, North Carolina and Dahlonega, Georgia.

The new type of $5 gold coin was designed by William Kneass. The spread-winged eagle on the reverse mostly, but not completely, resembled the eagle on the previous Turban Head $5 gold coin. But, in addition to the slight artistic difference, the Classic Head quarter-eagle had no “E Pluribus Unum” banner above the eagle. On the obverse, a skinny, young and thin-nosed Miss Liberty with a head adorned with tight curls, wore a “LIBERTY” headband, but no cap like the Miss Liberty of the previous Turban Head $5 gold coin. In fact, the Liberty bust on the Classic Head $5 (and $2.50) gold coin, does NOT resemble the Liberty bust on the Classic Head large cent of 1808-14. Instead, it much resembles the ‘Young Head’ and “Booby Head’ varieties of the 1835-39 Matron Head large cents.

The Classic Head $5 half-eagles were struck only from 1834 to 1838, making this series the shortest-lived of all U.S. gold coin types struck for circulation. Its first year mintage was a robust 658,028. At the Philadelphia mint, mintages were healthy for all five years of production: 371,534 were struck in 1835, 553,147 were struck in 1836, 207,121 were struck in 1837, and 286,588 were struck in 1838.

With all the gold coming out of Georgia and North Carolina during the late 1820's and early 1830's, branch mints were established in those two states. Yet another was established in New Orleans, Louisiana as well. The Classic Head half-eagle (and its little sibling the Classic Head Quarter Eagle) were the first U.S. gold coins to be struck at branch mints. In 1838, the Charlotte mint struck a fairly small (17,179) number of half-eagles. That same year, the Dahlonega mint struck 20,583. The Charlotte mint had a “C” mintmark, the Dahlonega mint had a “D” mintmark.

Collecting
The most affordable Classic Head quarter-eagle gold coins will be the 1834-38. For such a short-lived and overall scarce early U.S. gold coin, prices for these are QUITE reasonable. The 1834-38 Philadelphia half-eagles retail just $390 in Very Fine, $550-$585 in Extra Fine. Those prices may seem steep, but consider: a 1912 $5 gold coin, with a mintage of 790,144 retails $330 in Very Fine, compared to an 1838 $5 gold coin with a mintage of 286,588 and a retail value of $390! The 1838-C and 1838-D half-eagles, however, will cost you a pretty penny: these pieces retail $2,000-$2,200 in Very Fine, $3,850-$4,000 in Extra Fine! Still, the 1838-C and 1838-D half eagles are significant, in that they are the first half-eagles struck at branch mints outside of Philadelphia. And for the even bigger picture, the U.S. half-eagle gold coin is the ONLY U.S. coin to be struck at all eight mints: Philadelphia, Charlotte, Dahlonega, New Orleans, San Francisco, Carson City, Denver and West Point!

The Classic Head half-eagle was replaced by the Coronet Head half-eagle in 1839– one full year before the Classic Head quarter-eagle was replaced by the Coronet Head quarter-eagle.

It’s easy for gold coin collectors to overlook the Classic Head half-eagle, if only for its very brief existence. It doesn’t have that “Early U.S. Mint Coin” glamor of the Liberty Cap gold coins of 1795-1807, or even the Turban Head gold coins of 1808-34. Due to its scarcity, it can’t be promoted to the mass market as can the later Coronet Head half-eagle which was struck in large numbers over a large number of years. Neither does the Classic Head half-eagle have the unique, classic-look of the Indian Head half-eagle of 1908-29. But perhaps the Classic Head half-eagle is TOO overlooked. That, however, is to your advantage, as now may be a great time to pick up some bargains in this pre-Gold Rush U.S. gold coin series of the Andrew Jackson Era!

Mints

 * Philadelphia Mint (No mintmark)
 * Charlotte Mint (C mintmark)
 * Dahlonega Mint (D mintmark)