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The 1792 Mint Act set the silver/gold ratio in the United States at 15:1, much in line with the European markets. In 1803, France adjusted the silver-to-gold ratio to 15.5:1, making it profitable to export American gold coins to France for melting. Because so many gold coins left the country as soon as they exited the Mint, U.S. gold coinage was greatly curtailed throughout the earliest decades of the 19th century. Quarter eagle production ceased after the one year issuance of the Capped Draped Bust type in 1808. U.S. gold coin exportation intensified during the War of 1812, when the silver/gold ratio in Europe was elevated to more than 16:1. Quarter eagle production resumed on a small scale in 1821, by which time the uncertainty of war and economic turmoil had subsided. ++ Half Eagle. Draped Bust, 1812. Capped Head, 1813-1815. ++ The half eagle was the only U.S. gold coin struck during the War of 1812. Some demand existed from banks seeking half eagles to hold in reserve and to make international payments. About 170,000 “fives” were coined during those years, a considerable sum indeed by comparison to its contemporary coinage. Of that total, only a tiny fraction, perhaps 1% or so, survives to this day because of heavy melting losses influenced by the same European bi-metallic ratios that spelled doom for so many U.S. gold coins. Representing the half eagles in our War of 1812 coinage study are a relatively common date, the 1812 Draped Bust, and an exceedingly rare specimen, the 1815 Capped Head.
1815 Capped Head Half Eagle ++ Eagle. None Issued. ++
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