$5.00 CLASSIC HEAD GOLD HALF EAGLE
In the United States during the earlier decades of the nineteenth century, a few gold coins circulated freely. the bullion content of every U.S. gold coin exceeded its face value, if exchanged for silver on the world market. This has led to huge melting losses.
Congress sought to eliminate the profit margin of the bullion speculators by reducing the weight of gold in the United State coinage by about 6.3%. To reflect the new standard, the $5.00 Classic Head Gold Half Eagle type was released in August 1834.
With the incentive to export and melt removed, for the first time the United State gold became a sustainable force in everyday commerce. The Classic Head Gold was minted only from 1834-1838, but during this time, almost the same number of half eagles were coined as the Early Half Eagles from 1795 to 1834.
Mint Engraver William Kneass depicted a somewhat masculine Liberty facing left. Her thick, curly hair was kept under wraps by a liberty headband. The reverse was essentially a continuation of the John Reich eagle design from 1807.
The last of the Classic Head Half Eagles was released in 1838. The following year, Gobrecht’s Coronet Head $5 gold coin took over and remained in production till 1907. Because the Classic Head was nearly identical in diameter and weight to its replacement, it saw heavy duty circulation for several years. Consequently, some related mint state examples exist today.
Classic Head Gold Half Eagle played an important transitional role in the evolution of United States coinage. The inability to retain gold coinage in circulation was both a hindrance to economic activity at home and a blow to national pride abroad. The issuance of the Classic Head type resolved longstanding hard currency challenges whereas bringing the United States one step closer its Old-World competitors. There are a few proof examples of the Classic Head Half Eagle, but they number no more than 20 for the entire series and are worth a minimum of six figures each. The key dates of the series are the 1834 Cross 4, the 1838-C, and the 1838-D. These coins are actively sought by earnest collectors and always have been, as evidenced by their stellar price advancements over time. What’s nice too, about the Classic Head key dates is that in lower grades, they’re still quite affordable to semi-affluent numismatists. Thus, the key dates of the series are: 1834 cross 4, 1838- D, 1838- D.