The "capped head" half-eagle has a positively charming aspect by modern standards, with an obverse that is well filled by a close-up portrait of a matronly woman (with an unusually thick bull's neck), and the reverse featuring a typical defiant eagle motif. As a type coin, examples are rarely to be found in dealer stock, and an auction is nearly the only venue for acquisition by most collectors. Low mintages and a very high attrition rate is the reason so few are left behind for collectors of today, with vast numbers melted in Europe long ago, shortly after they were minted.The reason these so frequently ended up on wooden ships, headed across the Atlantic to European shores, is simply because their intrinsic value exceeded face value. In 1792, the ratio between silver and gold had been legally set at 15:1 by the Federal government, but in Europe, the de-facto standard was 16:1 or more. Thus, within Federal jurisdiction, fifteen ounces of silver would purchase one ounce of gold, and that ounce of gold could then be exported and used to purchase sixteen ounces of silver abroad, resulting in a guaranteed gross 6.7% profit for bullion dealers.
Canary gold surface exude quite the lion's share of original luster for this mint-state 1820 half-eagle. Considerable frost layers the devices and provides soft contrast with the shimmering fields, although numerous tiny abrasions affect the broad open spaces and assuredly determine the grade. Pleasing sharpness follows from finely struck details, including a full complement of boldly delineated denticles. (PCGS# 008125)