Coin Specifications

Category: Draped Bust $5 (1795-1807)
Mint: Philadelphia
Mintage: 6,196
Catalog: KM-19
Obverse Designer: Robert Scot
Reverse Designer: Robert Scot
Composition: Gold
Fineness: 0.9160
Weight: 8.7500g
AGW: 0.2577oz
Melt Value: $337.30 (7/26/2014)
Diameter: 25mm
Edge: Reeded
Numismatic specification data provided by Krause Publications NumisMaster.
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1796/5 $5 MS obverse 1796/5 $5 MS reverse


  
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Description & Analysis

In Early U.S. Gold Coin Varieties, A Study of Die States, 1795-1834, John Dannreuther rates the 1796/5 half eagle as High R.4, with an estimate of 80 to 100 known examples surviving today. Our experience is different, and we feel that Dannreuther was liberal in his estimate of survivors. Our opinion is that fewer than 50 half eagles bearing the 1796/5 overdate are still in existence today.

A comparison of mintage figures suggests that 1796 half eagles, with 6,196 coins struck, should be only slightly less rare than 1795 half eagles with 8,707 coins struck. However, mintage figures do little to explain the inner workings of the Philadelphia Mint in the 1790s. For the production of 1795-dated half eagles, the Mint made use of eight obverse dies and nine reverse dies in 12 combinations. Following that coinage, they used an extra 1795 obverse die that was overdated, along with a reverse die that had already been used, to produce the entire 1796-dated coinage from a single die combination. Novice collectors might assume that the 12 1795-dated varieties had an average mintage of 725 coins per die marriage, while more than 6,000 coins were struck from a single die the very next year.

A better interpretation of the 1795 and 1796 half eagle coinage is explained through the use of 13 die combinations to produce 14,903 coins, for an average of almost 1,150 coins per die marriage. Therefore, 1,150 pieces is the estimated mintage for 1796-dated half eagles. A second interpretation is the survival rate method. Our estimated current survival quantity reveals that about 3.6% of the original 1795-96 mintage still exists, yielding an estimated 1796 half eagle mintage of 1,377 coins. Either interpretation of the mintage figures will show that the 1796 half eagle is much rarer than 1795, and substantially undervalued today.

Description and Analysis courtesy of Heritage Auctions and may not be republished without written permission.


GRADE SUMMARY

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Price Guide

Last Updated: 8/14/2013

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1796/5 $5 MS
  GVGFVF4045505355586061626364656667686970
Base $ 9250 14000 24000 30000 41250 41250 54000 57500 67500 97500 115000 135000 220000 250000 385000 615000 - - - - -
$ 46750 60000 65000 77500 110000 127500 150000 245000 270000 425000 665000 - - -
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Census

 
NGC GRADE SUMMARY

Total Graded: 35
Low Grade: F
Average Grade: 58
High Grade: 65


Upcoming Auctions


Auction Prices Realized

A random selection of coins is shown below.

Images
Date
Service
Grade
Auction House
Sale / Lot
Price
9/14/2008 NGC MS 61   Goldberg September 14-16, 2008 Pre-Long Beach Coin Auction, 48/Lot# 1248 $112,125.00
1/3/2012 PCGS XF 45   Heritage Auctions 2012 January 4-8 US Coins & Platinum Night FUN Signature Auction- Orlando Session(5), 1166/Lot# 4655 $37,375.00
1/3/2012 NGC AU 50   Heritage Auctions 2012 January 4-8 US Coins & Platinum Night FUN Signature Auction- Orlando Session(5), 1166/Lot# 4840 $20,700.00
4/26/2012 NGC Details AU Details  Heritage Auctions 2012 April 25-May 1 World & Ancient Coins CICF Signature Auction- Chicago Session(5), 3019/Lot# 25617 $2,070.00
8/2/2012 NGC AU 58   Heritage Auctions 2012 August 2-5 US Coins Signature Auction- Philadelphia Session(4), 1173/Lot# 5340 $64,625.00
10/17/2012 PCGS   Stack's Bowers The November 2012 Baltimore Auction - US and World Lots - Live and Internet Only Sessions, 144/Lot# 3258 $12,925.00


NGC Registry

NGC Registry Score 1796/5 $5 MS
 PrAgGVGFVF4045505355586061626364656667686970
Base449849495771690376388900941598781083511384121111254713060145691622618637213172392626765298463318236786
464852236148714880589071956910197110181162612256127181356315121170291953022186248722779230958343830
00000095691019711018116261225612718135631512117029195302218624872277923095800
00000097231051611201118681240112889140661567317833204232305625818288193207000
1796/5 $5 MS Prooflike
 PrAgGVGFVF4045505355586061626364656667686970
Base4687515159977161791792119740102151119511757125031294813474150181671119174219102457327467306073400537674
484154336385741383489387989810541113821200512651131231398815582175322008622797255372851331739352280
00000098981054111382120051265113123139881558217532200862279725537285133173900
000000100561086811569122541279913298145031614618353209982368526502295603287200
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