1804 $10 Crosslet 4, BD-1, High R.4, MS63+ PCGS....

Description

1804 Capped Bust Right Eagle, MS63+
Popular Crosslet 4, BD-1 Variety
High Condition Census Example
Ex: Woodin-Pogue

1804 $10 Crosslet 4, BD-1, High R.4, MS63+ PCGS. Ex: Simpson. Bass Dannreuther Die State b/b, with a die crack connecting the first four stars on the left to the 1 in the date and another through the letters in UNITED. For all collectors, 1804 is a landmark year in American numismatics, due to the many famous rarities that share that date. The eagle denomination was discontinued after 1804, and finding an example of this terminal date in high grade is a daunting challenge. PCGS has certified only this coin in MS63+, with a single example finer, while NGC has graded four specimens in MS63, also with one finer (11/21). Even those small totals likely contain some duplication. Heritage Auctions is pleased to offer this spectacular Plus-graded Select example from the Bob R. Simpson Collection in this important sale.

The 1804 Eagles
According to Mint records, 3,757 Capped Bust Right eagles were struck in 1804, but die evidence suggests many of those coins were actually dated 1803. Only one die pair was used to strike all the 1804-dated circulation strike eagles. That die pair is classified as BD-1 in John Dannreuther's Early U.S. Gold Coin Varieties, and is easily identified by the Crosslet 4 in the date. This was the only use of the obverse die, but the reverse was used again to produce the BD-6 variety of 1803. Apparently, the 1804 BD-1 obverse die failed before production was completed in 1804. The obverse used to strike all eagles in 1803 was still serviceable, so it was pressed into service again to complete the run. The 1804 BD-1 dies were probably only used to strike about 2,500 examples of the reported mintage, with the other 1,257 coins produced that year bearing the 1803 date. The BD-1 is a scarce variety today, with a surviving population of 80-100 examples in all grades.

There are also some extremely rare 1804-dated proof restrikes known that were struck from different dies (the BD-2 variety). The restrikes were produced in the 1834 time frame, for inclusion in diplomatic proof sets, along with the famous 1804 dollar. Those coins feature a Plain 4 in the date.

The 1804 Capped Bust Right eagle was a popular issue with early collectors and examples began appearing at auction at least as early as the sale of the John F. McCoy Collection (W. Elliot Woodward, 5/1864), where an exceptional example was described in lot 1939, "1804 Splendid, uncirculated, equal to the preceding, extremely rare. " The lot realized $38, an outstanding price at the time. Collector demand for this issue has increased exponentially over the years and prices have risen accordingly. The present coin set the auction prices realized record for this issue when it brought a whopping $440,625 in the Pogue sale in 2015.

The Present Coin
The coin offered here is an extraordinary MS63+ example that fits comfortably near the top of the Condition Census for the issue. It first surfaced in the collection of William H. Woodin, one of the premier collectors of the early 20th century, who later served as Secretary of the Treasury under President Franklin Roosevelt. Woodin sold his collection through prominent New York coin dealer Thomas Elder in March of 1911. This coin was described in lot 1199 of the catalog:

"1804. The first star double-cut, last star very close to bust. On reverse, star point is under top of eagle's beak; top row of stars all touch clouds; berry opposite center of A. Uncirculated. Very rare, especially in this superb preservation. Plate."

This coin was not offered publicly again until it appeared in the Pogue sale in 2015, a gap of 104 years. We suspect it spent much of that time in one of the tightly held private collections that were formed in the early days of the last century by super collectors like Virgil Brand, "Colonel" Green, and Waldo Newcomer. The Pogues purchased this piece privately from Mike Brownlee in 1978 and held it in their magnificent collection for 37 years. It may be decades before this remarkable specimen becomes available again, once it passes the auction block in Orlando next January.

The 1804 eagle is something of a strike rarity, with most examples seen having weak definition on Liberty's profile. This coin is a happy exception to the rule, with Liberty's facial features sharply delineated, and just a touch of the usual softness on the eagle's left (facing) talon. Some clash marks around the eagle's head have been largely effaced by lapping and some details on Liberty's hair have been heavily polished. The luxurious yellow and orange-gold surfaces show a mix of satiny mint luster and prooflike reflectivity in the fields. A few minor, scattered contact marks are present, but none are large or distracting. A single mark in the left obverse field, between star 7 and Liberty's cap, serves as a pedigree marker. This coin possesses an irresistible combination of high technical quality, outstanding eye appeal, and intense historic interest. It will be a welcome addition to the finest collection or Registry Set. This coin is pictured on PCGS CoinFacts. Population: 1 in 63 (1 in 63+), 1 finer (11/21).
Ex: William H. Woodin; Woodin Collection (Thomas Elder, 3/1911), lot 1199; unknown intermediaries; Goliad Corporation (Mike Brownlee); purchased privately by he Pogues in November 1978; D. Brent Pogue Collection, Part II (Stack's Bowers, 9/2015), lot 2105, realized $440,625.

Coin Index Numbers: (NGC ID# BFYU, Variety PCGS# 45741, Base PCGS# 8566)

Weight: 17.50 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.

View all of [Important Selections from The Bob R. Simpson Collection, Part VII ]

View Certification Details from PCGS