1795 $10 13 Leaves, BD-1, High R.3, MS63 PCGS. CAC....

Description

1795 Capped Bust Right Eagle, MS63
CAC-Approved First-Year Type Coin
13 Leaves, BD-1 Variety
Seldom Seen Finer

1795 $10 13 Leaves, BD-1, High R.3, MS63 PCGS. CAC. Bass-Dannreuther Die State b/a. Stars 9, 8, and 7 show a wispy connecting die crack, but it has not progressed further, and the reverse shows no signs of cracks in this early state. Simply stunning high quality is abundantly displayed on this 1795 eagle. Certified MS63 by PCGS, housed in a green label holder, and with the CAC green approval sticker. The generous luster visible throughout both sides complements the prevailing bright yellow-gold color, which mellows to deeper amber-gold on the peripheral characters and some of the device high points. Traces of prooflike reflectivity are evident in the fields. This example has lofty aesthetic and technical appeal.. A few faint planchet adjustment marks are limited to the dentils at the upper-reverse rim, as though extra effort was being made on the part of the unknown Mint planchet adjuster to keep from marring the exceptional appearance of this piece. We are not suggesting that this coin is any kind of specimen strike, but the faintness and judicious placement of the planchet adjustment marks might indicate that the Mint personnel in 1795 were well aware of the importance of these first and largest-denomination gold coins.

The 1795 Capped Bust Right eagle was a favorite of collectors from the earliest days of the hobby, but the study of die varieties only developed later. Probably the first serious work on the subject was done by the team of Philadelphia coin dealer John W. Haseltine and prominent collector John Colvin Randall in the late 1870s. By the time Randall sold his collection in 1885, he had identified all four varieties of the 1795 Capped Bust Right eagle with the 13 Leaves reverse that we know about today. Students of the series, like Waldo Newcomer and Edgar Adams, expanded on Randall's work to form an extensive body of knowledge about die varieties of early U.S. gold coins. In more recent times, Dallas collector Harry W. Bass, Jr. carried this work even further, making copious notes on the various die states of the different varieties and even identifying some new die combinations. John Dannreuther codified and published all this information in Early U.S. Gold Coin Varieties, the standard reference for the series today.

Five die varieties are known for the 1795 Capped Bust Right eagle, identified by BD numbers in Dannreuther's book. The present coin is an example of the BD-1 die marriage, one of four pairings for 1795 that fit into the 1795 Stars 10x5, Small Eagle reverse, 13 Leaves category. The three other die combinations in this category are the BD-2, BD-4, and BD-5, and the outlier is, of course, the very rare BD-3, 9 Leaves variety. The BD-1 die marriage is attributed by the distinctive obverse, not shared among any other eagle varieties of the year. The date is the most closely spaced of the three obverse dies known for 1795, showing the tip of the 1 close to the curl and the flag of the 5 overlapping the lower bust. A star point virtually touches the Y of LIBERTY, and the five right-side stars are quite cramped (the 10 left-side stars are scarcely more roomy, for that matter). The reverse die, which is shared with the BD-2 variety, shows a lower palm leaf touching the U(NITED). Die evidence suggests the BD-1 was the first variety struck, with deliveries commencing on September 22, 1795.

Among these four 13 Leaves varieties, the BD-1 die variety is rated High R.3, the most (forgive the expression) "common" without regard to condition. The Bass-Dannreuther early gold reference estimates that 225 to 325 examples of this variety survive in all grades, compared to the far-smaller survival numbers for the BD-2 (High R.4, 90-110 survivors), BD-4 (R.5, 60-80 survivors), and the BD-5 (R.5, 35-45 survivors). This makes the BD-1 variety the eagerly pursued target for legions of collectors who seek top-notch examples such as this for purposes of type collecting. For all 1795 13 Leaves varieties (the majority of them undoubtedly the BD-1), PCGS reports 10 examples in MS63 (including one MS63+) with only seven finer, while NGC data shows two MS63 specimens, with four finer (12/22). CAC has only endorsed three in MS63 with three higher.

An MS63 PCGS-CAC example of the BD-1 in our FUN Signature (Heritage, 1/2013), lot 5895, sold for $282,000. The same piece in our Baltimore Signature (Heritage, 3/2009), lot 3055, brought $322,000. An MS63 PCGS-CAC example of the BD-1 in Stack's Bowers' offering of the Minot Collection (5/2008), lot 4291, realized $402,500. Bidders may have to wait for years to acquire an example of this popular and important type coin in finer grades than the present piece.
Ex: New Orleans Collection; Central States Signature (Heritage, 4/2015), lot 5371.
From The Riverboat Collection of Early Eagles.

Coin Index Numbers: (NGC ID# 25ZU, Variety PCGS# 45710, Base PCGS# 8551, Greysheet# 198067)

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 [The Riverboat Collection of Early Eagles ]

View Certification Details from PCGS