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Lot
3726

1795 $10 13 Leaves AU58 PCGS. Breen-6830, B. 4-B, Taraszka-5, R.5. Despite its status as the nation's gold monetary unit, t...

2006 September Long Beach, CA Signature Auction #416

 
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Auction Ended On: Sep 15, 2006
Item Activity: 4 Internet/mail/phone bidders
1,007 page views
Location: Long Beach, CA
Description:
Bright AU58 1795 Bust Eagle, Taraszka-5
1795 $10 13 Leaves AU58 PCGS. Breen-6830, B. 4-B, Taraszka-5, R.5. Despite its status as the nation's gold monetary unit, the eagle enjoyed less popularity within financial circles than the smaller half eagle. This disparity was evident since the introduction of both denominations in 1795. As the half eagle had a similar value to foreign gold coins of the period, the Philadelphia Mint concentrated its earliest gold coinage efforts on that denomination. When the government finally initiated eagle production on September 22, 1795, only 5,583 1795-dated pieces were produced between that date and March 30, 1796. In stark contrast, the Mint's initial delivery of 8,707 half eagles was achieved in a much shorter time frame between July 31 and September 16, 1795. Regardless of its limited appeal to banks and merchants, the size of the eagle made it an impressive coin. As a result, curious American citizens saved many examples as first-year souvenirs, but numismatic scholars stress that fewer than 3% of the original mintage survives today in all levels of preservation.
The typical 1795 eagle in today's numismatic marketplace is apt to grade no higher than XF40; many have suffered from damage or cleaning. The current specimen, however, displays enough remaining definition to fit comfortably within the AU58 grade tier. Both sides are uniformly reflective and display the modest prooflike finish that typifies the issue with subtle green-gold patina over each side. The die lump in the reverse field between OF and AMERICA is diagnostic of this scarcer variety. Both the obverse and the reverse are free of unduly bothersome circulation impairments. Curiously problem-free for an early gold coin, this lightly worn example would do justice to any advanced collection.
From The Manistee Collection.(Registry values: P5) (NGC ID# 25ZT, PCGS# 8551)

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