Although the 1798 Small Eagle $5 is listed in the Guide Book and is well known to specialists, it is “too rare” to have gained much publicity over the years. In contrast, the 1804 silver dollar, of which 15 are known, is famous as “The King of American Coins.”
Beyond being an extreme rarity the 1798 Small Eagle $5 has a fascinating history. In 1795 there was great optimism that the mintage of gold coins would be extensive, as this was the first year of production in that precious metal. Such mintage was dependent on the amount of gold bullion deposited and the denominations requested. Anticipating a generous coinage, many dated obverse dies and undated reverses were made. As it turned out, only 8,707 $5 coins were made in that year as deposits fell short.
The Mint was left with a generous supply of dies that were still serviceable. The particular die used to coin the offered rarity was used in 1795, then put in a vault where it remained until 1798, at which time it was employed with a new obverse with the 1798 year. The number of 1798 Small Eagle $5 coins struck is not known, but considering its rarity today, probably not more than a few hundred were made.
The Gettysburg Times, June 29, 1912 features a headline announcing the new record price from the 1912 Earle sale.
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