1834 Classic Head Gold $5 Half Eagle - This 1834 Classic Head Gold $5 Half Eagle is struck from 8 grams of 89.9% gold. The obverse depicts the head of Liberty facing left, her hair secured by a band inscribed LIBERTY, and the reverse shows an eagle with a shield on its breast, perched on an olive branch and holding three arrows. The U.S. government began minting these coins in mid-1834, replacing the Capped Bust Left design with E PLURIBUS UNUM on the reverse. The older style half eagles had an intrinsic value greater than their face value which resulted in mass hoarding and melting of the coins as soon as they were issued, and these Classic Heads were then created to correct this situation with lighter weight and reduced gold content. The measure was successful however it resulted in even more melting of the old-tenor gold pieces, making the 1834 a very scarce find today.