1795 $10 9 Leaves, BD-3, R.6, MS64 PCGS....

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Description

1795 Capped Bust Right Eagle, MS64
Rare 9 Leaves Guide Book Variety, BD-3
Single-Finest Certified Example

1795 $10 9 Leaves, BD-3, R.6, MS64 PCGS. Ex: Harry W. Bass, Jr. Collection. Bass-Dannreuther Die State d/b. The 1795 Capped Bust Right eagle, with the 9 Leaves reverse, is a landmark rarity in the early U.S. gold series. It is the rarest and most sought-after of the Capped Bust Right, Small Eagle die varieties, a coin John Dannreuther dubbed "the King of the Small Eagle type." PCGS CoinFacts estimates the surviving population at 18-22 examples in all grades, while John Dannreuther provides a similar estimate of 20-22 specimens extant. PCGS and NGC have combined to certify 28 examples between them, almost certainly including a number of resubmissions and crossovers (11/22). Heritage Auctions is privileged to present the finest-known example of this important early gold rarity in its first confirmed auction appearance.

Striking the Coins
The Philadelphia Mint struck gold coinage for the first time in 1795, after all difficulties with bonding the Chief Coiner and Assayer had been resolved, and a sufficient amount of bullion had been deposited. There was more demand for half eagles in international transactions, so the Mint struck them first, with the first delivery taking place on July 31. By September, the Mint was ready to strike eagles, and the first delivery of 1,097 eagles took place on September 22. Smaller deliveries continued throughout the year, but only 2,795 Capped Bust Right eagles were actually struck in 1795. Producing working dies was both expensive and time consuming during this era, so the Mint continued to use any dies for coinage as long as they remained serviceable, regardless of the calendar year. Accordingly, the accepted mintage figure for the 1795 Capped Bust Right eagle (5,583 pieces) includes all the ten dollar coins delivered up to March 30, 1796. Numismatists agree that any coins struck before June 1796 must have been dated 1795, because all the 1796-dated coins exhibit 16 stars on the obverse. The 16th star was added to celebrate the admission of Tennessee to the Union, on June 1, 1796.

Five die varieties are known for the 1795 eagle, four with 13 leaves on the branch the eagle stands on, and a single variety with nine leaves. This coin represents the elusive BD-3 variety, with the celebrated 9 Leaves reverse. Based on delivery records and the number of survivors, John Dannreuther estimates the BD-3 dies were used to strike between 210 and 500 examples of the reported mintage, making the BD-3 the rarest Small Eagle variety known to collectors today. The obverse die was also used to produce the BD-2 and BD-5 varieties of 1795, but this was the only use of the distinctive reverse die.

Regarding the 9 Leaves reverse, John Dannreuther notes:

"It is not known whether the 9 leaves on the branch indicate an experiment or a die cutting error, but the fact that the reverse was changed to 11 leaves for 1796 and 1797 indicates it was an intentional experiment. Perhaps the arrangement of 13 leaves was considered too crowded and grouping of 9 leaves was too sparse, leading to the introduction of 11 leaves on the branch in 1796."

An Enigmatic Issue
The 1795 Capped Bust Right eagle has been a favorite issue with collectors since the earliest days of the hobby, but the study of die varieties only developed much later. Although the 1795 9 Leaves eagle is a widely popular, sought-after variety today, it was largely unrecognized by students of the series until relatively recent times. John Colvin Randall identified four varieties of 1795-dated eagles by 1885, but he did not mention the 9 Leaves reverse in the catalog of his collection when it was sold by W. Elliot Woodward in June of 1885. Likewise, Silas Wodell exhibited three varieties of the 1795 eagle at the 1914 ANS Exhibition, but the BD-3 variety was not represented. The first auction appearance we can positively identify as a BD-3 is lot 356 of the Thompson and Ely Collections (Henry Chapman, 5/1915):

"1795 Small stars. R. End of branch far from A and end of leaf over center of U; die broken at first T in STATES. Fine. Rare."

Strangely, Chapman missed the more distinctive nine leaves characteristic, but the position of the leaf and the die break through the T are sufficient to identify the rare BD-3 variety. Unfortunately, Chapman's description attracted little notice at the time, and the elusive BD-3 continued to go unrecognized.

The first numismatist to publish a description of the variety was Edgar Adams, in his article in the May 1934 edition of The Coin Collector's Journal:

"5-Same as No. 1. Rev. End of stem does not touch or come very close to 'A'. End of one leaf touches center of 'U'. Nine distinct leaves in branch. There is a die defect at the end of the second leaf."

Unfortunately, Adams misremembered the owner of the discovery coin, as there was no example of the BD-3 listed in the Clapp notebook. The coin Adams referred to was almost certainly the example from the fabulous collections of H.O. Granberg and William Woodin, which was sold to Waldo Newcomer in 1926, and had probably passed to "Colonel" E.H.R. Green, via B. Max Mehl, by the time Adams wrote his article. As collector awareness grew, more examples emerged over the years, but the pace was decidedly slow. The first auction description to specifically mention the 9 Leaves variety was lot 61 of the Cicero Collection (New Netherlands, 12/1960):

"1795. Adams 5. Not in Clapp; Newcomer 439. Rarity 8. Eagle standing on branch with nine leaves (regular has THIRTEEN). Extremely Fine, weak in centers, and with many adjustment marks; some chips out of planchet (as made) on both sides. Rim dent at T of UNITED. A few small pit-like planchet defects. The first one we have seen and only the second we have heard of. Of extreme desirability as a type coin; potentially a $2,000 item! Plate.

"Probably included with the 911 delivered November 27, 1795, the last coinage of the year. The other four varieties have 13 leaves in the branch; the 1796-7 have 11. The other specimen known to us is the Newcomer coin, illustrated by Adams in the 1934 Coin Collector's Journal, and it has dropped out of sight. It was VF and cost Newcomer $100, which was then at least double the ordinary price. To account for the rarity of this variety is difficult. Probably the reverse die breaks - at next to right leaf on branch, and at first T in STATES - advanced rapidly, rendering the die useless. At least fifty times rarer than the regular type of this year, which is now at least a $600 coin EF; therefore our estimate is not unreasonable."

The latest thinking on the 9 Leaves issue places its striking date in early 1796, but the New Netherlands description accurately depicts the state of knowledge about the issue at the time. Research continued to advance slowly and, as late as 1980, gold specialist David Akers commented that the issue "has never received any publicity." Of course, the variety enjoys a wide celebrity today, with prominent mention in the Guide Book and the Bass-Dannreuther series reference. There is no danger of the BD-3 being overlooked in any present day public offering.

The Present Coin: History and Physical Description
Since the 9 Leaves variety was not recognized until recent times, early catalogers seldom mentioned it in lot descriptions, and image quality in 1960s-era catalogs makes plate matching difficult. As a result, we have not been able to trace the history of the present coin before Harry Bass purchased it privately from Mike Brownlee in 1971. Indeed, it is possible that the coin surfaced in some European holding at that time, and this may be its first public offering. It has definitely been off the market for the last 51 years. This coin has been exhibited, along with the rest of the Harry Bass Core Collection, at the Edward C. Rochette Money Museum, at the headquarters of the American Numismatic Association in Colorado Springs, since 2001.

This delightful Choice specimen exhibits a bold strike for the issue, with much interior detail evident on Liberty's hair and cap, but just a touch of the typical softness shows in the centers. Struck from a late state of the dies, the obverse shows attenuated outer points on stars 1, 10, 11, and 15, due to lapping. The reverse die was heavily lapped, and shows some minor loss of detail on the eagle's breast and the juncture of the eagle's tail with the leg. There is a diagnostic die break at the tip of the second leaf, and another from the rim, through the first T in STATES. Another, smaller die crack is evident at the lower right foot of the first A in AMERICA. The medium yellow-gold surfaces radiate vibrant mint luster, mixed with some prooflike reflectivity in the fields. A tiny nick under the 7 in the date is the only mark of note. Overall eye appeal is terrific. As the finest-known example of this sought-after early gold rarity, Registry Set enthusiasts will find no satisfactory replacement for this coin once it crosses the auction block. The limited auction history of this coin suggests it may be decades before it becomes available again. Discerning collectors will bid accordingly. The 1795 9 Leaves eagle is listed among the 100 Greatest U.S. Coins. This coin is pictured on PCGS CoinFacts. Population (for the variety): 1 in 64, 0 finer (11/22).

Condition Census for the 1795 9 Leaves Eagle, BD-3, Taraszka-3, Breen 4-C (the only die pair with 9 Leaves)
Thanks to Ron Guth and the Numismatic Detective Agency for compiling this Census.
1. MS64 PCGS. Mike Brownlee (Goliad Corporation); sold privately to Harry Bass on 12/16/1971; Harry W. Bass, Jr. Foundation Collection (HBCC# 3171). The present coin.
2. MS63+ PCGS CAC. Auction '89 (Superior, 8/1989), lot 908; RARCOA (as agent?); D. Brent Pogue Collection, Part II (Stack's Bowers & Sotheby's, 9/2015), lot 2091, realized $1,057,500; Bob R. Simpson Collection, Part VII (Heritage, 1/2022), lot 3793, realized $3,360,000.
3. MS63 PCGS. " ... from the Estate of an old Philadelphia family" (Christie's, 9/1990), lot 435, realized $115,500; Mid-Winter ANA Signature (Heritage, 3/1998), lot 6460, realized $184,000; ANA Money Show Auction (Superior, 3/2001), lot 853, not sold; Classics Sale (American Numismatic Rarities, 9/2003), lot 539, not sold.
4. MS63 PCGS. Mike Brownlee; May Auction (Superior, 5/1995), lot 3684, not sold; Anthony J. Taraszka Collection (Stack's Bowers, 8/2019), lot 4004, realized $630,000; D.L. Hansen Collection.
5. MS61 PCGS. Magnolia Collection (Spink/Smythe, 5/2011), lot 1, realized $379,500.
6. MS61 NGC. Rarities Sale (Bowers and Merena, 1/2005), lot 1593, realized $184,000; Ohringer Family Trust Holdings, Part II (Goldberg Auctions, 9/2008), lot 1270, realized $224,250; Philadelphia Signature (Heritage, 8/2012), lot 5381, realized $282,000; Tangible Investments (Sil DiGenova), offered on Collectors Corner on 12/13/2017 for $435,000.
7. MS60 PCGS OGH. H.O. Granberg Collection; William Woodin Collection; Waldo C. Newcomer Collection; Dr. Angus Black Collection (New Netherlands, 6/1970), lot 483, realized $2,400; Auction '90 (David Akers, 8/1990), lot 1916, realized $77,000; Michael Keston Collection (Superior, 1/1996), lot 152, realized $63,250; Benson II Collection (Goldberg Auctions, 2/2002), lot 2054, realized $103,500; FUN Signature (Heritage, 1/2004), lot 3052, realized $161,000.
8. MS60 Uncertified. Jascha Heifetz Collection (Superior, 10/1989), lot 4621, realized $137,500.
9. AU58 PCGS. Bowers and Merena, 2/2005, lot 1593, realized $184,000.
10. AU58 NGC. Bergstrom and Husky Collections (Stack's, 6/2008), lot 2091, realized $207,000; Chicago ANA (Stack's Bowers, 8/2011), lot 7705, realized $218,500.
From The Harry W. Bass, Jr. Core Collection, Part II.

Coin Index Numbers: (Variety PCGS# 45714, Base PCGS# 8552)

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

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