Errors & Varieties: Early U.S. Gold

Collecting early U.S. gold by die variety is one of the greatest challenges in all of American numismatics. Many U.S. gold coins dating from 1795 to 1834 (often known as “old tenor gold”) were exported or melted for bullion because their gold content was undervalued on the world market. The result was few gold coins in circulation and, with regard to collectors, little cumulative knowledge of the die varieties that may have existed for them.

Like early U.S. silver and copper coins, the dies for gold issues were mostly engraved and punched by hand, resulting in differences in the stars, letters, and numerals, as well as the berries, arrows, cloud design, star patterns, letter sizes, and motto placement. As new discoveries of these variations were discovered and published, early gold die variety collecting gained traction alongside the prestige we associate it with today. Let’s explore a few of the most popular and rare of the earliest gold die varieties issues.

The 1796 No Stars Draped Bust Quarter Eagle is one of the most distinct and sought-after U.S. gold varieties. One year prior, the U.S. Mint struck its first gold coins: the 1795 Half Eagle and 1795 Eagle, each with 15 obverse stars representing each state in the Union at that time. When Tennessee was admitted on June 1, 1796, and the first quarter eagles were struck in September 1796, one might presume the quarter eagle would include 16 stars on its obverse, but it was not to be. Was it a broken star punch that prevented this? Indecision on the part of the Mint? A new design? Considering all the other Draped Bust and Capped Bust Quarter Eagles, Half Eagles, and Eagles have stars on the obverse, it remains a mystery as to why this early gold issue was designed without any.

Another highly desirable early quarter eagle variety is the 1804 13-Star Reverse. First identified in 1912, it was not until this issue was listed in A Guide Book of United States Coins (also known as “The Red Book”) in the 1960s that its rarity was fully appreciated. With an estimate of 11 to 14 known to exist, numerous great collections, including those of Louis Eliasberg and the Garrett family, apparently never included an example.

Additionally, this reverse was also used for some 1802 and 1804 Dimes as well as a variety of the 1802 Quarter Eagle. A note to the collector: be sure to distinguish this variety from the better-known and more available issue featuring 14 stars.

The 1795 S/D Half Eagle is perhaps the earliest-made U.S. gold die-design-error variety. This issue features a dramatic final “S” in “STATES” punched over an obvious and erroneous “D.”

Because manufacturing, engraving, and punching dies was time-consuming and expensive in the early years of the Mint, the recutting and repunching of stars, letters, numerals, etc. was acceptable for the sake of economy and cost. How this “UNITED STATED” die-cutting error occurred is still open to conjecture, leading some to believe alcohol was involved and others attributing it to carelessness or simply haste.

The 1795 “Nine Leaves” (or 9 Leaves) Eagle is among the rarest and most famous early gold die varieties. Overlooked until the first published description of its distinctive reverse in May 1934, this first-year issue features nine leaves in the palm branch below the eagle on the reverse (all other 1795 Small Eagle varieties have 13 leaves).

Like the previously discussed early gold varieties, the design of this rarity is mysterious in origin. Regardless of whether it was an experiment, the artistic whim of the engraver, or simply an error, this important and sought-after die variety, of which only 20 to 22 examples exist, is considered by John Dannreuther "the king of the Small Eagle type.”