1802/1 $5 BD-3, High R.7, AU58+ PCGS Secure. CAC....

Description

1802/1 Capped Bust Right Five, AU58+
Extremely Rare BD-3 Variety
Finest-Known Example Not in a Museum

1802/1 $5 BD-3, High R.7, AU58+ PCGS Secure. CAC. Bass-Dannreuther Die State c/b. The rare BD-3 variety has the centered 2 over 1 overdate, as found on the majority of 1802/1 examples. The reverse die, however, is extremely rare. It is promptly identified by a cigar-shaped die flaw (some say blimp-like) atop the fourth field star of the second row. The variety is memorable and immediately recognizable die flaw, and all known examples have it -- although in theory, BD-3 may exist without the flaw in its earliest die state.

When the Early U.S. Gold Varieties reference was published in 2006, only two examples of the 1802/1 BD-3 variety could be confirmed, making it one of the key rarities of the entire Draped Bust five dollar series. Bass and Dannreuther were aware of the Marvin Taichert discovery coin, which appeared in the May, 2001 Stack's auction of the Marvin Taichert Collection as lot 38, graded About Uncirculated. Harry Bass had but a single example of the BD-3 die marriage -- a remarkable specimen, which is housed in the ANA Museum and likely forever off the market. A third example, the enigmatic Newcomer coin, is mentioned in the Bass-Dannreuther footnotes, but it was unconfirmed for variety when the reference was written. We believe that coin exists as well, a VF or so example, and it may have changed hands privately several years ago.

Since then, Heritage has handled two additional examples including the present coin -- apparently, neither of them known prior to their 2008 appearances. One is a Choice About Uncirculated coin from our Long Beach Signature sale (Heritage, 5/2008), lot 3175. The other is the present coin, which appeared in our Central States Signature event (Heritage, 4/2008), lot 2429. Neither specimen seems to be a plate match to the Taichert coin.

The current example is now certified AU58+ PCGS with CAC endorsement, housed in a Secure holder. It is the finest known BD-3 not in a museum. The strike is superior to the Taichert example, especially on the wings and peripheral legends. Orange-gold, reflective surfaces reveal ripples of yellow-gold mint luster, while barely a hint of wear is limited to Liberty's forehead, chin, and drapery. A pinscratch between the ear and star 12 is visible beneath a loupe, and light abrasions are widely distributed in accordance with the borderline Uncirculated grade. Eye appeal is impressive. This lot represents a major opportunity for the astute early gold specialist.
Selections from The McCoy Family Collection of U.S. Early Gold.

Coin Index Numbers: (Variety PCGS# 410902, Base PCGS# 8083, Greysheet# 198197)

Weight: 8.75 grams

Metal: 91.67% Gold, 8.33% Copper

Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.

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