Turban Head Eagle

The Turban Head Eagle gold coin (oftentimes referred to at the Liberty Cap eagle or Draped Bust eagle), was the United States' second gold coin.

Specifications

 * Designer: Robert Scot
 * Obverse Design:
 * Reverse Design:
 * Edge: Reeded
 * Weight: ±17.50 grams
 * Diameter: ±33 millimeters
 * Composition:  Gold (91.7%), Other (8.3%)
 * Dates Minted: 1795-1804

Background
Struck from 1795 through 1804, its life-span corresponded with the presidencies of George Washington, John Adams and Thomas Jefferson. But it was also struck during the first years of the United States Mint, in a climate that can only be classified as chaotic: an annual Yellow Fever sweeping through Philadelphia every summer throughout the 1790's, chronic silver and gold bullion shortages, bullion speculators making a profit on U.S silver and gold coins by shipping them overseas in exchange for heavier silver pesos, coin dies that were constantly wearing out, coin dies that constantly had to be re-engraved, less than completely accurate mintage records, and a Chief Engraver who was half-blind!

History
The $10 gold coin was authorized with the first Coinage Act of 1792, and was the largest gold coin denomination authorized. But when mint operations began in 1793, only copper half-cents and cents were coined. In 1794, the U.S. Mint continued to strike the copper coins, but also concentrated on getting the silver coinage off the ground. Finally, by 1795, the U.S. Mint had amassed enough gold bullion, and had dies prepared for their first production of gold coins– the gold coin they would strike that year would be the $5 gold piece. Chief Engraver Robert Scot, a man in his seventies and with failing eyesight, created the dies for the new $10 gold coin. Production began in the Fall of 1795, a couple of months after production began on the gold eagle’s little sibling, the half-eagle or $5 gold piece.

The new gold coin featured a right-facing Liberty bust on the obverse. This Liberty bust was inspired by classical Greek goddess portraiture: Miss Liberty’s long locks flowed out and down in thick, graceful curls. On her head, she wore a large cap (often referred to as a “turban”). Her neckline extended down to the top of her bust, but unlike classical Greek portraiture, the bust was modestly draped. Miss Liberty’s tall hat bisects a grouping of stars (a design feature that proved to be problematic once new states entered the Union), and the word, “LIBERTY.” Below the Liberty bust is the date. On the reverse is a somewhat thin eagle (in early America it was often derided as a “chicken” or “buzzard”) perched on an olive branch and holding a laurel wreath in its beak.

The gold eagle was meant to be our nation’s flagship gold coin in international trade. Problem was, bankers much preferred the half-eagle gold coin, as this smaller gold denomination was similar in size to other popular world gold coins circulating at the time: the British guineas, the French 24 livres, the Brazillian 4000 Reis. Also, the Napoleonic Wars in Europe were driving up gold prices to the point where speculators discovered it was more profitable to export the U.S. $10 gold coins OUT of the country to be melted (later to be re-coined as Old World gold coins).

Categories
The Turban Head $10 gold piece is sub-divided into two major categories: the Small Eagle Reverse and the Heraldic Eagle Reverse. The Small Eagle type was struck 1795-97, while the Heraldic Eagle type bears dates of 1797-1804. In fact, the late 1797 Heraldic Eagle $10 gold coin is possibly the earliest U.S. coin type to use the Heraldic Eagle reverse– most other gold and silver U.S. coin types that used the Heraldic Eagle reverse started doing so in 1798.

Collecting
Mintages were always small for the Turban Head eagle gold coins, but especially so for the Small Eagle Reverse types of 1795-97. The mintage for the 1795 eagle was 5,583; the 1796 mintage was 4,146, and the 1797 Small Eagle mintage was 3,615. For the 1797-1804 Heraldic Eagle $10 gold coins, mintages were higher, reaching as high as 44,344 in 1801. But the fact is, every single date and variety in this series is scarce to rare, and expensive, due to large-scale meltings. The Small Eagle dates retail $18,000-$30,000 in Fine. The Heraldic Eagle dates are more “reasonable,” retailing $8,000-$9,500 in Fine. The 1798 date has the lowest mintage with just 1,700 struck– and every 1798 eagle is a 1798/7 overdate.

Because the $10 gold coin was not circulating, rather was being exported out of the country and melted on a large scale by bullion profiteers, President Thomas Jefferson sought to end this abuse in 1804. After a small striking of just over 3,000 pieces in 1804, Jefferson abolished the eagle gold piece. In fact, the U.S. Mint would not attempt to strike a $10 gold piece again until 1838!

Grading
As mentioned before, the Turban Head eagle gold piece is a rare and expensive coin. So beware when you see Turban Head Heraldic Eagle $10 gold pieces out on the market at very reasonable prices... usually with the tag-line “not sure if this piece is real or not.. kinda looks brass.” Such pieces are actually “Kettle Tokens,” brass pieces struck in England around the 1850's to 1860's with designs that mimic the Turban Head Heraldic Eagle $10 gold piece. But usually they are so crude-looking compared to the originals (and clearly don’t have the weight of a true gold piece) that most collectors shouldn’t be fooled– but still, be mindful they are out there. Be sure to use this site's WikiSafe escrow exchange and examine your purchase carefully.

Mints

 * Philadelphia Mint (No mintmark)