Half Eagles: America's $5 Gold Standard

Half Eagles ($5 gold pieces) were authorized by the Coinage Act of 1792 and minted until 1929. Major design types include Capped Bust, Capped Head, Classic Head, Coronet Head, and Indian Head. The Indian Head Half Eagle (1908-1929) matches the Quarter Eagle with its unique incused design. These coins contain 0.2419 troy ounces of gold and were workhorses of American commerce. Many were melted following the 1933 gold recall, making surviving examples valuable.

Early Half Eagles (1795-1807)

Capped Bust Right, Small Eagle (1795-1798)

The first half eagles featured Liberty with flowing hair and a small, heraldic eagle on the reverse. These are among America's first gold coins and extremely rare. Most known examples show heavy wear from extensive circulation.

Capped Bust Right, Large Eagle (1795-1807)

A larger, more imposing eagle replaced the small eagle design in 1795. Production was irregular with no coins struck in several years. All early half eagles are rare and highly sought after, representing the infancy of the U.S. Mint.

Capped Draped Bust Left (1807-1812)

John Reich's design showed Liberty facing left with draped bust and cloth cap. The reverse featured the heraldic eagle. Production was limited and these remain scarce, though more available than the earlier types.

Capped Head Left (1813-1834)

Large Diameter (1813-1829)

Liberty wore a larger cap with the motto "E PLURIBUS UNUM" above the eagle. These coins are scarce, as many were melted or exported due to their high gold content relative to face value.

Reduced Diameter (1829-1834)

The diameter was reduced while maintaining the same weight, creating a thicker coin. This short-lived variety is particularly scarce.

Classic Head (1834-1838)

William Kneass designed this transitional type with Liberty wearing a ribbon inscribed "LIBERTY." The Coinage Act of 1834 reduced gold content, making it profitable to mint gold coins again. Production increased dramatically. These are more available than earlier types but still represent a brief period in American coinage.

Coronet Head (1839-1908)

The Workhorse Design

Christian Gobrecht's Coronet Head design served for nearly 70 years. Liberty wears a coronet inscribed "LIBERTY" with curled hair cascading down. This became the face of American gold coinage for generations.

Design Variations

• No Motto (1839-1866): Original design without "In God We Trust"
• With Motto (1866-1908): Motto added above eagle on reverse
• Minor changes: Subtle modifications to Liberty's portrait and eagle over the years

Branch Mint Production

Half eagles were struck at multiple mints: Philadelphia (no mint mark), Charlotte (C), Dahlonega (D), New Orleans (O), San Francisco (S), Carson City (CC), and Denver (D after 1906). Charlotte and Dahlonega issues (1838-1861) are especially prized.

Key Dates - Coronet

• 1841-O: Extremely rare, possibly unique in certain varieties
• 1854-S: Very low mintage
• 1864-S: Civil War era rarity
• 1875: Very low mintage of 200 business strikes
• 1887 Proof Only: No business strikes, only 87 proofs
• Charlotte and Dahlonega issues: All scarce, highly collectible
• Carson City issues: Popular with collectors, especially 1870-CC

Indian Head (1908-1929)

Bela Lyon Pratt's Innovation

Like the quarter eagle, the half eagle received Pratt's revolutionary incused design. All major design elements are recessed into the coin's surface rather than raised above it. This controversial approach was unique among U.S. regular-issue coinage.

Design Features

• Obverse: Native American in war bonnet facing left, surrounded by stars
• Reverse: Standing eagle on bundle of arrows with olive branch
• Unique characteristic: Incused (sunken) relief creates distinctive appearance

Production History

Indian Head half eagles were produced from 1908-1916 and 1929. No coins were struck 1917-1928 or 1930-1933. The 1929 issues were the last half eagles ever made.

Key Dates - Indian

• 1909-O: Only New Orleans Indian half eagle, extremely popular
• 1929: Final year, relatively low mintage
• 1911-D: Strong D mintmark variety is scarce

Specifications

• Denomination: $5
• Diameter: Varied by type; Indian Head is 21.6mm
• Weight: 8.359 grams (after 1834)
• Composition: 90% gold, 10% copper
• Gold Content: 0.2419 troy ounces pure gold
• Edge: Reeded

The End of Half Eagle Production

Half eagle production ceased in 1929, well before the 1933 gold recall. The denomination had become less useful as paper currency and larger gold coins dominated major transactions. The final coins were struck at Philadelphia, San Francisco, and Denver in 1929.

1933 Gold Recall Impact

Following Executive Order 6102, most half eagles were melted for their gold content. This particularly affected common-date Coronet pieces from the late 1800s and early 1900s. Survivors are more scarce than original mintages suggest, especially in higher grades.

Collecting Strategies

Type Set

Collecting one example of each major type is popular and achievable, though early types require significant investment. Classic Head and Coronet types offer more affordable options, while Indian Heads are widely available in common dates.

Liberty Head Date Run

Some collectors focus on Coronet/Liberty Head half eagles (1839-1908), which is challenging but possible without extreme rarities. Excluding proof-only dates and major rarities makes the set more achievable.

Branch Mint Specialization

Collectors often specialize in specific mints, particularly Charlotte, Dahlonega, Carson City, or San Francisco. These offer historical appeal beyond just numismatic value.

Indian Head Complete Set

The Indian Head series (1908-1929) is collectible as a complete set. With no impossible rarities, dedicated collectors can assemble all dates and mint marks, though some dates are quite scarce.

Grading Considerations

Coronet Head Wear Points

• Hair curls above Liberty's forehead
• Stars around the periphery
• Eagle's neck and wing tips

Indian Head Wear Points

• Cheekbone and hair details (especially challenging due to incused design)
• Feather tips in war bonnet
• Eagle's breast and wing details