The 1822 Capped Bust Half Eagle: In the realm of rare coins, the 1822 Capped Bust Half Eagle stands as a shining beacon of American numismatic history. With only three known specimens in existence, this early U.S. gold coin is one of the rarest and most valuable treasures in the world of coin collecting. Its record-breaking sale of $8.4 million in 2021 solidified its status as a crown jewel of American coinage, captivating collectors and historians alike. The 1822 Half Eagle is not just a coin; it is a window into the early days of the United States Mint and a testament to the artistry and craftsmanship of the era.
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| Category | Details |
|---|---|
| Coin Name | 1822 Capped Bust Half Eagle |
| Designer | John Reich |
| Denomination | $5 (Half Eagle) |
| Composition | 91.67% gold, 8.33% copper and silver |
| Weight & Diameter | 8.75 grams, 25 mm |
| Obverse Design | Right-facing Liberty bust wearing a cap inscribed with “LIBERTY,” with the date “1822” below. |
| Reverse Design | Heraldic eagle with outstretched wings, clutching an olive branch and arrows, encircled by “UNITED STATES OF AMERICA” and “5 D.” |
| Mintage & Rarity | Originally 17,796 minted, but only 3 known specimens exist today. |
| Current Locations | – 1 in the Smithsonian Institution – 2 in private collections |
| Auction Record | Sold for $8.4 million in 2021, making it one of the most valuable early U.S. gold coins. |
| Historical Context | Struck when the U.S. Mint was in its early years, gold coins were mainly used for large transactions and international trade. |
| Ways to Engage | – Study early U.S. coinage and minting history. – Collect other Capped Bust series coins (quarter eagle, dime, etc.). – Attend coin auctions or exhibitions. – Work with reputable dealers for authentication and certification. |
| Legacy | A symbol of American numismatic history, craftsmanship, and rarity, highly prized by collectors and historians. |
Table of Contents
The Early Days of U.S. Gold Coinage
The Capped Bust Half Eagle, with a face value of $5, was part of the early gold coinage produced by the United States Mint. Designed by German-born engraver John Reich, the Capped Bust series was introduced in 1807 and featured a Liberty bust wearing a cap on the obverse and a heraldic eagle on the reverse. The design was a significant improvement over the earlier Draped Bust Half Eagle, showcasing Reich’s talent and the Mint’s growing sophistication.
By the 1820s, the U.S. Mint was still in its formative years, and gold coin production was relatively limited. Gold coins were primarily used for international trade and large transactions, making them less common in everyday circulation. The 1822 Capped Bust Half Eagle was struck during this period, but its mintage was exceptionally low. Records indicate that only 17,796 Half Eagles were produced in 1822, and most were likely melted down or lost over time. Today, only three specimens are known to exist, making the 1822 Half Eagle one of the rarest coins in American history.
The Design and Features of the 1822 Half Eagle
The 1822 Capped Bust Half Eagle is a masterpiece of early American coin design. Its specifications include:
- Diameter: 25 mm
- Composition: 91.67% gold, 8.33% copper and silver
- Weight: 8.75 grams
- Obverse: The obverse features a right-facing Liberty bust wearing a cap inscribed with the word “LIBERTY.” The phrase “E PLURIBUS UNUM” arcs above her, and the date “1822” is positioned below.
- Reverse: The reverse depicts a heraldic eagle with outstretched wings, clutching an olive branch and arrows in its talons. The eagle is encircled by the inscriptions “UNITED STATES OF AMERICA” and “5 D.”
The coin’s design reflects the neoclassical aesthetic of the time, with intricate details and a sense of grandeur that captures the spirit of a young nation.
The Rarity and Value of the 1822 Half Eagle
The 1822 Capped Bust Half Eagle’s extreme rarity is what sets it apart. Of the three known specimens, one resides in the National Numismatic Collection at the Smithsonian Institution, leaving only two in private hands. This scarcity, combined with the coin’s historical significance and stunning design, has made it one of the most coveted coins in the world.
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In 2021, one of the privately held 1822 Half Eagles sold at auction for an astounding $8.4 million, setting a new record for the most valuable early U.S. gold coin ever sold. This sale underscored the coin’s status as a numismatic treasure and highlighted the enduring appeal of rare and historic coins.
The Story Behind the Coin
The 1822 Half Eagle’s journey from the Mint to the auction block is a tale of survival and discovery. Over the years, the coin passed through the hands of prominent collectors, each of whom recognized its rarity and significance. Its appearance at auction in 2021 was a landmark event, drawing attention from collectors and historians around the world.
The coin’s survival is a testament to the care and foresight of its previous owners, who preserved it for future generations. Its discovery and authentication by leading numismatic experts have ensured its place in the annals of coin collecting history.
Collecting the 1822 Capped Bust Half Eagle
For most collectors, owning an 1822 Capped Bust Half Eagle is an unattainable dream due to its extreme rarity and astronomical value. However, there are ways to engage with its legacy and the broader world of early U.S. gold coinage:
- Study Early U.S. Coinage: Learning about the history and design of early U.S. coins can deepen your appreciation for the 1822 Half Eagle and other rare pieces from the era.
- Explore Other Capped Bust Coins: The Capped Bust series includes other denominations, such as the quarter eagle and dime, which are more accessible to collectors. These coins offer a chance to own a piece of the same artistic legacy.
- Attend Auctions and Exhibitions: Even if you can’t own an 1822 Half Eagle, attending auctions or exhibitions where the coin is displayed can provide a once-in-a-lifetime opportunity to see it in person.
- Work with Reputable Dealers: If you ever have the opportunity to acquire a high-value coin, ensure that you work with a trusted dealer or auction house. Authentication and certification by organizations like PCGS or NGC are essential.
Conclusion
The 1822 Capped Bust Half Eagle is more than just a coin; it is a symbol of American history, artistry, and the enduring allure of rare and beautiful objects. Its record-breaking $8.4 million sale is a testament to its unparalleled rarity and significance. Whether you’re a seasoned collector or a casual enthusiast, the 1822 Half Eagle represents the pinnacle of numismatic achievement and the timeless fascination with uncovering the past. Its story is a reminder of the rich history that lies within each coin and the extraordinary value that collectors place on preserving it.
