1808 $5 Capped Bust Half Eagle PCGS VF35

This specimen is housed in the popular PCGS Old Green Holder

This is a very rare coin, one that would be a great addition to the collection of a specialist in Early American gold coinage. What makes it so rare is that when the Coinage Act of 1792 was enacted, a gold to silver ratio of 1:15 was included. That ratio was not changed until the Coinage Act of 1834. That 1:15 ratio undervalued our gold coinage for 40 years. The vast majority of gold coins—of all denominations—was hoarded, and later shipped off to Europe to sell for their bullion value.

In total, there have been 457 original examples of the 1808 $5 Capped Bust half eagle graded by both PCGS and NGC. That figure represents only 0.8222 percent of the original mintage of 55,578, providing compelling evidence of its great rarity. PCGS has graded 264 pieces in total. Interestingly, PCGS has graded 145 of them AU58 to MS65. Their survival in those better grades is due to most of the surviving pieces having been housed in the First Bank of the United States. PCGS has graded 8 as VF35 with 236 finer.

The First U.S. Mint in Philadelphia, where this specimen was struck in 1808.