1798/7 $10 7x6 Stars, BD-2, Low R.6, MS62 PCGS....

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1798/7 Capped Bust Right Eagle, MS62
Elusive 7x6 Stars Variety, BD-2
Tied for Third Finest Known
Ex: 'Colonel' Green-King Farouk

1798/7 $10 7x6 Stars, BD-2, Low R.6, MS62 PCGS. Bass-Dannreuther Die State b/b, with obverse and reverse die cracks. The obverse has a die chip below the first star. A crack from the border extends through the lower points of the top left star into the field close to the cap. An extension of this crack or perhaps a second crack crosses Liberty's hair and ear to Liberty's cheek. Another crack from the border to the upright of the E in LIBERTY crosses the field to Liberty's cap. Other cracks in the cap are difficult to see. A delicate reverse crack joins the tops of all letters in UNITED. A second crack from the crossbar of the E in UNITED crosses the D into the field toward the wing feathers.
The 1798/7 Capped Bust Right eagle, with the obverse stars arranged in a 7x6 array, is a classic rarity in the early U.S. gold series. In his A Guide Book of Gold Eagle Coins, Q. David Bowers notes, "As a major variety listed in A Guide Book of United States Coins the 1798, 8 over 7, with 7x6 stars is the most elusive of the Type II design, handily outdistancing everything else." PCGS and NGC have combined to certify 15 examples between them, including an unknown number of resubmissions and crossovers (7/26). There are two uncertified examples in the National Numismatic Collection at the Smithsonian Institution and several impaired examples that are not included in the population data. PCGS CoinFacts estimates the surviving population at 20 to 30 examples, all told. We have listed the 18 specimens we have been able to trace in the roster below. Heritage Auctions is privileged to present this high Condition Census example of this sought-after rarity in this important offering.

Mintage Figures and Survival Estimate
Estimating mintage figures for the 1798 eagle varieties is extremely difficult. Walter Breen observed that the four eagle deliveries from January 11 through January 30, 1798, were almost certainly struck from 1797-dated dies, likely as an emergency measure to fill orders delayed by the 1797 yellow fever outbreak. Numismatists have widely accepted this reasoning. According to the 2026 Guide Book, just 1,742 Capped Bust Right eagles were struck from 1798-dated dies, delivered in two batches: 900 coins on February 17 and 842 on February 28. Two varieties are known for the date, both using leftover obverse dies from 1797, with an 8 impressed over the final 7. This coin represents the rare BD-2 variety, with the obverse stars arranged with seven stars behind Liberty's head and six in front (the BD-1 uses a 9x4 star arrangement). Interestingly, the BD-2 is the only early eagle with the Heraldic Eagle reverse that shows the word LIBERTY positioned entirely above Liberty's cap. This was the only use of the obverse die, but the reverse was used previously to strike the BD-1 variety of 1798 and used again to strike the BD-3 variety of 1797 (die evidence suggests both the BD-3 and BD-4 varieties of 1797 were struck after the 1798/7 coins). Traditionally, it was assumed that the 900 coins delivered on February17 were of the 1798/7 BD-1 variety and the 842 examples of the February 28 delivery were struck from the BD-2 dies. However, John Dannreuther points out that, since the BD-3 and BD-4 varieties of 1797 were struck after the 1798/7-dated coins, they must have also been included in the final delivery for 1798. Based on the number of auction appearances and low population data, he estimates the BD-2 dies may have accounted for as few as 300 pieces of the reported mintage. Dannreuther agrees with the PCGS CoinFacts estimate of 20 to 30 survivors of the issue.

The BD-2 on the Numismatic Scene
The 1798/7 Capped Bust Right eagle with 7x6 stars has been a collector favorite since the earliest days of the hobby in this country. In his ground-breaking American Numismatical Manual (1859) Dr. Montroville W. Dickeson described the issue as:

"The designs the same as the preceding, except the number of stars is reduced from 16 to 13 on the obverse - 7 on the left and 6 at the right of the effigy. Of this issue there was one type and three varieties. They are quite scarce."

Collectors have always prized the 1798/7 eagle with the 7x6 star obverse and examples are tightly held, making public offerings infrequent. An early auction appearance was in lot 107 of the Colonel Mendes I. Cohen Collection (Edward Cogan, 10/1875):

"1798 Large Eagle, struck over 1797. Extremely fine and equally rare."

The coin was plated in the catalog, confirming it was the 7x6 stars variety. The lot realized $16, a strong price for that early time. Of course, collector demand and prices realized have continued to increase exponentially over the years.
The BD-2 eagle is decidedly rare in high grade. About a half dozen examples have survived in lower Mint State grades, but most survivors show some signs of circulation, ranging from barely noticeable high-point friction to heavy wear and damage. The popularity of the issue is so great that any offering is front-page news in the numismatic press.

The Present Coin
This remarkable specimen occupies the second position in PCGS CoinFacts' Condition Census for the issue, behind only the finest-known coin in the National Numismatic Collection at the Smithsonian Institution, which has not been certified and remains unavailable to collectors. This piece first surfaced in George Earle's landmark collection, which was sold by Henry Chapman in June 1912. Chapman described this coin in lot 2293:

"1798 over 1797 Six stars facing and seven behind head. Die cracked from edge near last star on left to cap and from edge through E to cap. Extremely fine - uncirculated but for the slightest abrasion. Excessively rare. Plate."

According to a priced-and-named catalog on the Newman Portal, this coin was bought in by Chapman and purchased for $400 by prominent collector Silas Wodell, who exhibited it at the 1914 ANS Exhibition. It later surfaced in the renowned collection of "Colonel" E.H.R. Green (who owned at least five examples of this sought-after rarity, per Saul Teichman) and passed to the celebrated holdings of King Farouk of Egypt after his death. A memorable early public offering of this coin was in lot 273 of the Royal Sale (3/1948), when prominent Fort Worth coin dealer B. Max Mehl offered a selection of coins from Farouk's collection. Mehl provided a lengthy, plated description of the coin:

"1798 over '97 $10.00. The excessively rare variety with six stars to the right and seven stars to the left of the bust. The most perfect and most beautiful specimen of this rarity that has ever been handled by me. Strictly uncirculated, with proof surface. The field on the obverse shows just the barest touch of cabinet friction. It is unusually sharply struck with every star filled and broad milled borders, especially on the obverse, with slightly raised edge. It was sold to His Majesty as 'unique in this condition.' This is a dangerous statement to make. I can say, however, that it is as beautiful a specimen of this rare eagle as I know of. It is so perfectly struck that it shows a light die break from the border through E of LIBERTY, and another light die break from the border through the left portion of the first star on the top to the left of Liberty's cap. The price of cost marked on the original envelope in which this coin comes to me from His Majesty is marked close to $2,000.00. I hardly think the coin is worth that much, but it is certainly worth well into the four figure mark. The coin has a record of over $1,100.00 for not nearly so choice a specimen."

The lot realized $1,050, close to the record price Mehl cited at the time. Mehl would surely be amazed by the growth in collector demand for this popular rarity over the years and by the astronomical prices it commands today. Currently, the record price realized belongs to the MS62 PCGS example in lot 9061 of the Harry W. Bass, Jr. Core Collection, Part II (Heritage, 1/2023), which brought $1,110,000.
This coin was featured in a half dozen major auctions after its appearance in Mehl's Royal Sale, before settling with the present consignor, but it has not been publicly offered for 22 years and is entirely fresh to the market today. We expect intense competition from series specialists and Registry Set enthusiasts when it crosses the auction block in September.

Physical Description
The coin offered here is a spectacular MS62 example, with exceptional eye appeal. The surfaces are exceptionally clean for the grade, and the fields show moderate reflectivity, as do many early eagles. The striking details are strongly impressed, especially on Liberty's hair curls, with the only area of softness being on the highpoint of the eagle's breast just above the shield. The bright golden-orange color of the coin is intermixed with an occasional light dab of rose patina from the copper alloy of the planchet. Identifiable as the Farouk specimen by the presence of a small planchet flake in the right obverse field in line with star 11, and a short diagonal mark in the right reverse field just below the right end of the scroll. This coin boasts an enviable combination of outstanding eye appeal, high technical quality, absolute rarity, and an illustrious pedigree. It has been off the market since 2004, and it may be decades before a comparable example becomes available. The discerning collector will bid accordingly. The 1798/7 Capped Bust Right eagle is listed among the 100 Greatest U.S. Coins. PCGS Population: 2 in 62 (1 in 62+), 0 finer (7/26).

Roster of 1798/7 Capped Bust Right Eagles, 7x6 Stars, BD-2, Taraszka-10, Breen 2-A (the only 7x6 Stars variety). This roster was expanded from work by Saul Teichman and Ron Guth and the Numismatic Detective Agency. Grades are per the last auction appearance, unless a subsequent certification event is known.
1. MS63 Uncertified. Mint Cabinet; National Numismatic Collection at the Smithsonian Institution (grade per Jeff Garrett).
2. MS62+ PCGS. Illustrated at PCGS Coin Facts. Ex: William F. Gable Collection (S.H. Chapman, 5/1914), lot 207; bought in by S.H. Chapman; "Colonel" Green; possibly King Farouk/The Palace Collections of Egypt (Sotheby's, 2/1954), part of lot 186; Farish Baldenhofer Collection (Stack's, 11/1955), lot 1437.
3. MS62 PCGS. George H. Earle Collection (Henry Chapman, 6/1912), lot 2293, bought in by Chapman and sold to Silas Wodell, per a priced and named catalog on the Newman Portal (plate matched to the present coin by Saul Teichman); "Colonel" E.H.R. Green; Green Estate; King Farouk; Royal Sale/King Farouk Collection (B. Max Mehl, 3/1948), lot 273, $1,050; Grant Pierce & Sons (Stack's, 5/1965), lot 1436; James and Margaret Carter Collection (Stack's, 1/1986), lot 179; Dr. Juan XII Suros Collection (Superior, 2/1999), lot 251, $189,750; Rarities Sale (Bowers and Merena, 1/2003), lot 709, $178,250; Baltimore ANA (Bowers and Merena, 7/2003), lot 4040, $276,000; FUN Signature (Heritage, 1/2004), lot 3057, $218,500. The present coin.
4. MS62 PCGS. RARCOA, sold privately on 2/3/1975; Harry W. Bass, Jr. Foundation Collection (HBCC# 3181); Harry W. Bass, Jr. Core Collection, Part II (Heritage, 1/2023), lot 9061, $1,110,000; D.L. Hansen.
5. MS61 PCGS. Harold P. Newlin Collection, sold privately on 10/31/1884; T. Harrison Garrett Collection; Robert and John Work Garrett Collection; John Work Garrett Collection (Bowers and Ruddy, 10/1980), lot 1660, $120,000; D. Brent Pogue Collection, Part II (Stack's Bowers & Sotheby's, 9/2015), lot 2097, $705,000.
6. MS60 Uncertified. "Colonel" E.H.R. Green (per Cory Gillilland and Anthony Taraszka); Stack's (1945); Clifford T Weihman; Josiah K. Lilly; National Numismatic Collection at the Smithsonian Institution (grade per Jeff Garrett).
7. AU58 PCGS. ANA Money Show (Superior, 3/2001), lot 858, not sold.
8. AU58 PCGS. Davis-Graves Collection (Stack's, 4/1954), lot 910; Norweb Collection, Part II (Bowers and Merena, 3/1988), lot 2138, $55,000; New Orleans Collection (Heritage, 4/2015), lot 5384, $329,000; Long Beach Signature (Heritage, 2/2023), lot 3829, $504,000.
9. AU58 PCGS. "Rutherford" in 3/1897; John M. Clapp Collection; John H. Clapp Collection, sold intact via Stack's in 1942; Louis E. Eliasberg, Sr. Collection (Bowers and Ruddy, 10/1982), lot 650, $50,600; United States Gold, Silver and Copper Coins (Stack's, 1/1987), lot 705; Rarities Sale (Stack's Bowers, 8/2016), lot 3281, $352,500.
10. AU58 PCGS. "Colonel" E.H.R. Green Collection; Stack's, sold privately in 1945; James A. Stack, Sr. Collection (Stack's, 3/1995), lot 555, $73,700; Anthony J. Taraszka Collection (Stack's Bowers, 8/2019), lot 4015, $384,000; Tyrant Collection (Coin 10, displayed at the 2/2020 Long Beach Expo).
11. AU55 NGC. Byron Reed Collection (Spink America, 10/1996), lot 152; Long Beach Connoisseur (Bowers and Merena, 8/1999), lot 422; The Cincinnati Collection/FUN Signature (Heritage, 1/2005), lot 8820.
12. AU50 PCGS. Michael Keston Collection (Superior, 1/1996), lot 158; Richmond Collection (David Lawrence Rare Coins, 7/2004), lot 2006; Dr. James A. Ferrendelli Collection (Stack's Bowers, 8/2014), lot 11109.
13. AU50. Amon G. Carter, Jr. Family Collection (Stack's, 1/1984), lot 733.
14. AU. Auction '79 (RARCOA, 7/1979), lot 1295; Western Collection (Stacks, 12/1981), lot 1145; Koelle and Cabibi Collections (Stack's, 6/1993), lot 1348.
15. AU Details, Repaired. Wolfson Collection (Stack's, 10/1962), lot 622; Miles Collection (Stack's,10/1968), lot 606; Ulmer Collection (Stack's, 5/1974), lot 586; Central States Convention Auction (RARCOA, 5/1977), lot 418; H. Jeff Browning; Dallas Bank Collection (Sotheby's/Stack's, 10/2001), lot 380; Allan H. Goldman; FUN Signature (Heritage, 1/2023), lot 3869, $72,000.
16. AU Damaged PCGS Genuine. Clark E. Gilhousen Collection (Superior, 2/1973), lot 616; Stanislaw Herstal Collection (Bowers and Ruddy, 2/1974), lot 774; Fairfield Collection (Bowers and Ruddy, 10/1977), lot 1788; Auction '90 (Superior, 8/1990), lot 1343; Stetson University Collection (Bowers and Merena, 5/1993), lot 677; Dr. Jon Kardatzke Collection, Part II (Goldberg Auctions, 6/2000), lot 1434; Los Angeles Signature (Heritage, 8/2009), lot 1287; FUN Signature (Heritage, 1/2013), lot 5900, $41,125.
17. VF30 with rim bump at ES in STATES. Possibly A. Reimers Collection (Henry Chapman, 7/1922), lot 803 "slight dent on edge of reverse"; unknown intermediates; Bryan Collection (Paramount, 1/1982), lot 851; Auction '88 (David Akers, 7/1988), lot 932
18. Fine 15 PCGS. Matthew A. Stickney Collection (H. Chapman 6/1907), lot 616, purchased by Thomas Elder; unknown intermediates; Donovan and Hudgens Collection (Bowers and Merena, 11/1993), lot 1513; J.A. Sherman Collection (Stack's, 8/2007), lot 3296; Harvey B. Jacobson Collection (Stack's Bowers, 11/2022), lot 4012.

Additional Appearances
The following entries are probably examples recorded above, but the plates, if there are any, are not clear enough to positively identify those pieces. There may be others that are not recorded above or here.
A. George Seavey; Seavey Descriptive Catalog (William Strobridge, 6/1873), lot 289; Lorin G. Parmelee, who purchased the entire collection intact before the date of the sale; Parmelee Collection (New York Coin & Stamp, 6/1890), lot 756; John G. Mills (S.H. & H. Chapman, 4/1904), lot 519.
B. Colonel Mendes I. Cohen Collection (Edward Cogan, 10/1875), lot 107.
C. J.C. Randall Collection (W. Elliot Woodward, 6/1895), lot 850.
D. J.C. Randall Collection, Part II (W. Elliot Woodward, 9/1885), lot 983. Possibly the same as C above.
E. William H. Woodin Collection (Thomas Elder, 3/1911), lot 1189, realized $410 to Joseph C. Mitchelson. Mitchelson bequeathed his collection to the Connecticut State Library, but we have confirmed that this coin is not in that institutional collection. It is possible that Mitchelson was acting as an agent for Baltimore collector Waldo Newcomer at the Woodin sale, per a quote from the Newcomer Inventory that notes his coin was obtained "from Woodin sale" (thanks to John Dannreuther for this information).
F. John Story Jenks Collection (Henry Chapman, 12/1921), lot 5727.
G. James Ten Eyck Collection (B. Max Merhl, 5/1922), lot 262.
H. Belden E. Roach Collection (B. Max Mehl, 2/1944), lot 312.
I. Colonel James W. Flanagan Collection (Stack's, 3/1944), lot 1329.
J. J.F. Bell Collection (Stack's, 12/1944), lot 595.
K. William Cutler Atwater Collection (B. Max Mehl, 6/1946), lot1409.
L. Louis E. Eliasberg, Sr.; H.R. Lee Collection (Stack's, 10/1947), lot 1488.
M. Rare Coins and Medals (James Kelly, 11/1947), lot 1405.
N. "Colonel" E.H.R. Green; Dr. Charles W. Green Collection (B. Max Mehl, 4/1949), lot 501.
O. Thomas G. Melish Collection (Abe Kosoff, 4/1956), lot 2356.
P. ANA Convention Auction (James Kelly, 8/1956), lot 1791.
Q. John A. Beck Collection (Abner Kreisberg, 1/1975), part of lot 486.
R. Dennis Mendelson Collection (Superior, 2/1991), lot 2852. Cataloged as 7x6 stars, but the image is 9x4 stars.
From The Round Lake Collection.

Coin Index Numbers: (Variety PCGS# 45721, Base PCGS# 8561, GSID# 393216)

Metal: 91.67% Gold, 8.33% Copper
Weight: 17.50 grams
AGW: 0.51577oz
Mintage: 842

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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