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1796 $10 MS62 NGC. Breen-6832, BD-1, R.4....
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Description
1796 Capped Bust Right Eagle, BD-1, MS62
Candidate for Condition Census
Scarce, Low-Mintage Date
1796 $10 MS62 NGC. Breen-6832, BD-1, R.4. The 1796 Capped
Bust Right eagle is a scarce coin in any grade, but in MS62
condition it is nothing less than rare. A search of auction records
reveals this is only the third time Heritage has been privileged to
offer a 1796 eagle in MS62 in the last 15 years. The present coin
is a contender for Condition Census status, as only five coins have
been certified in higher numeric grades by NGC and PCGS combined
(6/10). Certainly, few specimens can match the technical quality
and exquisite eye appeal of the coin offered here.Mint documents indicate 6,934 eagles were minted in 1796, but numismatists believe some of them were actually dated 1795. All 1796-dated eagles are from a single die variety, BD-1, with a distinctive obverse featuring 16 stars in an 8x8 pattern. Since Tennessee was admitted to the Union as the 16th state on June 1, 1796, the 1796-dated coins must have been minted afterward, and earlier deliveries were most likely dated 1795. Deliveries of ten dollar gold coins from June 2 to December 22, 1796, totaled 4,146 pieces, the accepted production total in the 2011 Guidebook.
Actually, the mintage figures are even more uncertain than previously believed, because recent die state research indicates some 1796-dated coins were actually struck after the 1797 Small Eagle issue. The 1797 Small Eagle emission used the same reverse die as the 1796-dated coins. A single 1796 eagle is known that exhibits die cracks absent on the 1797 coins, indicating the die must have been used to coin some 1796 eagles later, and it cracked during this emission. As John Dannreuther notes in Early U.S. Gold Coin Varieties:
"This date was struck on more than one occasion with a few produced after the 1797 Small Eagle variety that employs the same reverse. The single known example of 1796 with reverse die cracks indicates that some 1796 State d/c coins were struck after the 1797 ones. Thus, this remarriage of these dies to produce some of the coins dated 1796 further confuses the situation as to the number coined of each date."
The number of 1796 coins produced in the following year must have been small, since only one coin is known with the telltale die cracks. The currently accepted mintage figure is probably not far from the truth, and the estimated surviving population of 125-175 examples is in line with an original mintage of about 3,500-4,000 pieces.
The 1796 Capped Bust Right eagles were favorites of early collectors, and serious research was accomplished on these coins at an early date. The use of 16 obverse stars was continued in 1797, but the arrangement was different. The unique 8x8 star placement may have attracted collector interest early on. The fact that only one die variety exists for the 1796 eagle was discovered by John Colvin Randall as early as the mid-1880s. In the sale of the Randall Collection (Woodward, 9/1885), lot 979 in the eagles section reads, "1796 Same type, and in quality equal to the last. I have met with no other variety of 1796."
The popularity of this date has only increased over the years, and new price records continue to be set. When the MS62 PCGS coin sold as lot 559 of the Harry W. Bass, Jr. Collection (Bowers and Merena, 5/2000), it realized a then-record price of $85,100. When the same coin was recently offered as the MS63 NGC example in lot 2092 of the Husky Collection (Stack's, 6/2008), it realized an incredible $322,000.
The present coin is a magnificent specimen, with reflective, prooflike surfaces and rich, greenish-gold color. The strike details are sharp in most areas, with just a little softness on the central portrait and the eagle's head (even the Bass coin was a little weak in those areas). An extensive interior die crack is evident on the obverse, stretching from the field above the 9 in the date, through Liberty's hair and cap, into the field below the E in LIBERTY. A few minor handling marks and hairlines are present on both sides, none worthy of individual mention. The outstanding visual appeal of this coin makes it one of the finest specimens of this scarce date and a rare prize for the advanced collector.
From The Caleb Louis Collection of U.S. Gold Type.(Registry values: P6)
Coin Index Numbers: (NGC ID# BFYM, PCGS# 8554, GSID# 9342)
Metal: 91.67% Gold, 8.33% Copper
Weight: 17.50 grams
AGW: 0.51577oz
Mintage: 4,146
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 Caleb Louis Collection of U.S. Gold Type ]
Auction Info
2010 August Boston, MA Signature & Platinum Night ANA Coin Auction #1143 (go to Auction Home page)
Auction Dates
August, 2010
11th-15th
Wednesday-Sunday
Bids + Registered Phone Bidders: 17
Lot Tracking Activity: N/A
Page Views: 2,226
Buyer's Premium per Lot:
15% of the successful bid per lot.
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