1795 $10 13 Leaves, BD-5, R.5, MS62+ PCGS....

Description

1795 BD-5 Eagle, MS62+
Condition Census

1795 $10 13 Leaves, BD-5, R.5, MS62+ PCGS. Ex: Harry W. Bass, Jr. Bass-Dannreuther Die State e/c. Five die marriages are known for the 1795 eagles that were first delivered on September 22 that year. The coinage was the product of three obverse dies and three reverse dies. According to John Dannreuther's accounting in the Bass-Dannreuther book, Early U.S. Gold Coin Varieties, A Study of Die States, 1795-1834, obverse 1 was used for BD-1, obverse 2 appeared on BD-2, BD-3, and BD-5, and obverse 3 was used for BD-4. Reverse die A was used for BD-1 and BD-2, reverse B was used for BD-3, the famous Nine Leaves variety, and reverse C appeared on BD-4 and BD-5. The rarity of these varieties with the most plentiful first is BD-1, BD-2, BD-4, BD-5, and BD-3. Just two other Small Eagle varieties were produced: 1796 BD-1 and 1797 BD-1. Three 1797 Heraldic Eagle varieties followed those.

Mint delivery records show the production of 2,795 eagles in 1795, 6,934 in 1796, and 8,323 in 1797; 9/22/1795 -- 1,097; 9/24/1795 -- 200; 10/10/1795 -- 387; 10/24/1795 -- 200; 11/27/1795 -- 911; 1/9/1796 -- 1,181; 1/30/1796 -- 134; 3/1/1796 -- 188; 3/19/1796 -- 1,169; 3/31/1796 -- 116; 6/3/1796 -- 2,332; 6/21/1796 -- 960; 12/22/1796 -- 854; 3/25/1797 -- 5; 4/8/1797 -- 831; 4/20/1797 -- 1,630; 5/2/1797 -- 1,149; 6/7/1797 -- 1,907; 6/29/1797 -- 2,801. The next eagle coinage was delivered in 1798.

The challenge facing numismatists today is the determination of how many examples were struck showing each of the three coinage dates. Taking that challenge further, the determination of mintage for each die variety is likely impossible as there are several variables. The existing population for each issue from 1795 to 1797 clearly differs from the recorded mintage in each of those years. We are certain that the eagle production in the first quarter of 1796 were coins dated 1795. How are we certain? The 1796 obverse has 16 stars and Tennessee became the 16th state on June 1, 1796.

The 2024 edition of A Guide Book of United States Coins reports the following mintage figures: 1795 -- 5,583; 1796 -- 4,146; 1797 Small Eagle -- 3,615. The 1795 figure is the total of deliveries through March 31, 1796. The 1796 mintage totals deliveries from June 3 through December 22, 1796. The 1797 mintage is the total of deliveries through May 2, 1797, per Mint records. Dannreuther provides estimated survival ranges for each die variety. He suggests that as many as 582 pieces survive of the five 1795 die marriages, up to 175 of 1796, and as many as 65 of the 1797 Small Eagle coins. The 1795 has a survival rate of just over 10%. Applying that survival rate to the estimated current population suggests a mintage of 1,750 eagles dated 1796 and 650 struck of the 1797 Small Eagle coins.

If the June 3, 1796 delivery was also coins dated 1795, the survival rate drops to 7.35% and that rate applied to the number of 1796 and 1797 Small Eagle coins known today indicates a production of 2,380 coins dated 1796 and a mintage of 884 Small Eagle coins dated 1797. However, there are problems with those predictions as noted in the next lot.

The 1795 BD-5 is the second rarest of the date behind the BD-3 Nine Leaves variety, according to Dannreuther who estimates that just 35 to 45 of these coins survive. Our Permanent Auction Archives suggest that the 1795 BD-5 is slightly more available than BD-4. However, both varieties are elusive. Since we started our archives in 1993, we have offered examples of the 1795 BD-5 eagles 39 times, representing a smaller number of actual coins. The present example from the Harry W. Bass, Jr. Collection is the third finest that we have handled behind two different MS65 coins.

This brilliant and lustrous first-year eagle has lovely green-gold surfaces with considerable coppery-orange accents on each side. Trivial hairlines and surface marks are inconsequential. Minor surface anomalies are noted above the cap and adjustment marks are evident along the right reverse border. This lovely example that is likely the third finest of the variety presents outstanding eye appeal.

A Roster of Significant Examples Provided by Ron Guth of the Numismatic Detective Agency
1. MS65 PCGS. Rare and Important United States Gold Coins (Stack's, 10/1988), lot 114, $82,500; ANA Signature (Heritage, 8/2014), lot 5661, $881,250.
2. MS65 PCGS. S.H. Chapman, sold privately in 1909; John H. Clapp Collection, sold intact via Stack's in 1942; Louis E. Eliasberg, Sr. Collection (Bowers and Ruddy, 10/1982), lot 643, $57,200; Chicago Sale (RARCOA and David W. Akers, 8/1991), lot 1034, $88,000; Rosemont Signature (Heritage, 8/2013), lot 5871, $675,625; Rare Coin Wholesalers, offered on Collectors Corner on 1/29/2018 for $1,495,000; Heritage, offered in their U.S. Rare Coins Special Offerings (as PCGS MS65 402625356) for $2,205,000 on 12/2/2021.
3. MS63 PCGS. Auction '88 (David W. Akers, 7/1988), lot 929, $55,000; Oliver Jung Collection (American Numismatic Rarities, 7/2004), lot 98, $230,000; Southern Collection (American Numismatic Rarities, 3/2006), lot 1650, $310,500; Pre-Long Beach (Goldberg Auctions, 2/2008), lot 2432, $460,000; Rarities Sale (Stack's Bowers & Sotheby's, 2/2016), lot 219, not sold; D.L. Hansen Collection.
4. MS62+ PCGS. Public Coin Auction (Quality Sales / Abner Kreisberg and Jerry Cohen), 9/1973), lot 1226; Harry W. Bass, Jr. Foundation Collection (HBCC# 3173). The present coin.
5. Brilliant Uncirculated Uncertified. September Sale (Stack's, 9/2003), lot 934, $32,200.
6. Brilliant Uncirculated Uncertified. Public Auction Sale (Stack's, 6/1993), lot 1342, $31,350.
7. MS61 NGC. Dr. Tory Prestera Collection (Stack's, 6/2007), lot 1847, $109,250; FUN Signature (Heritage, 1/2009), lot 4094, $92,000; ANA Signature (Heritage, 8/2018), lot 5255, $102,000; Long Beach Signature (Heritage, 2/2022), lot 3233, $174,000.
8. AU58 PCGS. Baltimore Auction (Stack's Bowers, 3/2013), lot 2173, $94,000.
9. AU58 PCGS. Manistee Collection (Heritage, 9/2006), lot 3726, $80,500.
10. AU58 PCGS. Sayer et al. Collections (Stack's, 9/1995), lot 894; Anthony J. Taraszka Collection (Stack's Bowers, 8/2019), lot 4006, $102,000; Chicago Collection (PCGS Set Registry).

Coin Index Numbers: (Variety PCGS# 45713, Base PCGS# 8551, Greysheet# 198070)

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 Certification Details from PCGS