U.S. Gold Five Dollar (Half Eagle)

The U.S. Gold Five Dollar carrying a torch-bearing Liberty and dated 1987 is the smallest denomination of the American Gold Eagle bullion series, a tenth-ounce coin with a $5 face value. It pairs Augustus Saint-Gaudens' striding Liberty—reused from the classic Double Eagle—with a modern eagle reverse, and is struck in 22-karat gold.

Because it shares the historic "$5" denomination once used by the classic Half Eagle, this modern coin is sometimes filed under the Half Eagle name. In practice it is a distinct 20th-century bullion issue: a small, thick, richly yellow gold piece bought and sold primarily for its one-tenth ounce of gold rather than for face value.

The American Gold Eagle program was authorized by the Gold Bullion Coin Act of 1985 and launched in 1986, giving U.S. investors a domestically minted gold bullion coin to compete with foreign issues such as the Krugerrand and Maple Leaf. The series debuted in four sizes—one ounce ($50), half ounce ($25), quarter ounce ($10), and tenth ounce ($5)—all sharing the same designs.

A coin dated 1987 comes from the program's second year of issue. The obverse revives Saint-Gaudens' celebrated Liberty from the 1907–1933 Double Eagle, while the reverse eagle design was created by sculptor Miley Busiek (Miley Tucker-Frost) specifically for this modern series. Bullion-finish coins were struck at West Point and carry no mint mark; separate collector proof versions were also produced in some years.

Unlike the classic Half Eagle, which ceased production in 1929 and was tied to circulating gold coinage, the modern $5 Gold Eagle was never intended for everyday commerce. It has been minted continuously since 1986 as a bullion and collector product.

The obverse shows a full-length Liberty striding forward, holding a torch aloft in one hand and an olive branch in the other, with the Capitol at lower left and rays of a rising sun behind her. "LIBERTY" arcs across the top, the date sits at lower right, and stars run around the rim—exactly the torch-bearing Liberty seen on this 1987 example.

The reverse depicts an eagle in flight above a nest, carrying an olive branch to a second eagle and young—a "family of eagles" motif—surrounded by the legends "UNITED STATES OF AMERICA," "E PLURIBUS UNUM," "IN GOD WE TRUST," and the weight-and-denomination inscription "1/10 OZ. GOLD $5."

The tenth-ounce coin is physically small: about 16.5 mm in diameter and roughly 3.39 grams gross weight. It is struck in 22-karat gold (about 91.7% gold, alloyed with silver and copper), so it contains a full one-tenth troy ounce of pure gold and shows a warm, slightly deeper yellow than 24-karat coins.

As a bullion coin, the $5 Gold Eagle's value is driven mainly by its gold content—one-tenth of a troy ounce—plus a premium. Because small coins cost proportionally more to produce, the tenth-ounce carries a higher percentage premium over spot gold than the larger sizes, so it typically trades meaningfully above one-tenth of the one-ounce price.

Common-date bullion examples in ordinary condition, including 1987, generally sell for the current melt value of a tenth ounce of gold plus that premium. Prices therefore move continuously with the gold market. Certified high-grade pieces, proof versions, and a few scarcer dates can command additional collector premiums.

Because values track the live gold price, treat any fixed figure as indicative only. Check the current spot price and recent dealer or auction prices before buying or selling, and be aware that dealers pay below and sell above spot.