1795 $10 13 Leaves, BD-4, R.5, MS63 NGC....

Description

1795 Capped Bust Right Eagle, MS63
Popular 13 Leaves, BD-4 Variety
First Year of Denomination
Rarely Seen This Fine

1795 $10 13 Leaves, BD-4, R.5, MS63 NGC. Bass-Dannreuther Die State b/b, with the faint die crack through the top of LIBE in LIBERTY, another through the top of UNITED, and a die lump left of the first A in AMERICA. The Philadelphia Mint struck gold coins for the first time in 1795. The 1795 half eagles were the first gold coins struck in late July of that year. The eagles followed several weeks later in September 1795. Henry William DeSaussure was serving as the second Mint Director when the first gold coins were struck. He only directed the Mint operations for three months during the summer of 1795, yet receives credit for the introduction of U.S. gold coinage.

Mint records indicate a small mintage of 5,583 Capped Bust Right eagles was accomplished, with five die varieties known for the date. Four of the varieties show 13 leaves in the palm branch, while a single rare variety is known with just nine leaves. This coin represents the BD-4 variety, with the 5 in the date free of the bust and 13 leaves in the branch. The BD-4 die pair was used to strike approximately 854 to 1,500 examples of the reported mintage. This was the only use of the obverse die, but the reverse was used again to produce the BD-5 variety of this date. The BD-4 is a scarce variety, with a surviving population of 60 to 80 examples in all grades today.

The 1795 Capped Bust Right eagle was a favorite with wealthy collectors from the earliest days of the hobby. The coins began appearing at auction at least as early as lot 169 of the A.C. Kline Collection (Moses Thomas & Sons, 6/1855), but the study of die varieties only developed much later. Dealer John W. Haseltine and Philadelphia collector John Colvin Randall combined to do much of the early work on die varieties in the 1870s. By the time he sold his collection, through prominent coin dealer W. Elliot Woodward in 1885, Randall had identified four of the five 1795 eagle varieties. Lot 841 of the Randall catalog, designated as Randall No. 1, sounds a lot like the current BD-4 variety:

"1795 No. 1; reverse, small standing eagle holding an olive wreath, a leaf in the olive branch turns down, but does not touch U in UNITED; splendid, nearly proof, very rare."

The lot realized $16.00, a strong price for the time. Of course, prices for early U.S. gold coins have risen astronomically in recent years. Recent sales for the 1795 13 Leaves eagle include the MS63 PCGS specimen in lot 3824 of the Long Beach Signature (Heritage, 2/2023), which realized a staggering $444,000.

This spectacular Select specimen exhibits sharply detailed design elements throughout, with fine definition on the folds of the cap and the eagle's breast feathers. Some faint planchet adjustment marks are evident in the reverse dentils from 3 to 5 o'clock. The lightly marked orange-gold surfaces show a mix of vibrant satiny mint luster and prooflike reflectivity in the fields. Overall eye appeal is outstanding. This coin will be a welcome addition to the finest collection or Registry Set. Census (all varieties): 11 in 63, 5 finer (7/23).
From The Duquesne Collection, Part V.

Coin Index Numbers: (Variety PCGS# 45712, Base PCGS# 8551, Greysheet# 198069)

Metal: 91.67% Gold, 8.33% Copper
Weight: 17.50 grams
AGW: 0.57oz
Mintage: 5,583

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 Duquesne Collection, Part V ]

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