1797 $10 Small Eagle, BD-1, R.5, MS60 PCGS....

Description

1797 Capped Bust Right Eagle, MS60
Elusive Early Gold Issue, BD-1
Rarely Seen in Mint State
Last Small Eagle Ten

1797 $10 Small Eagle, BD-1, R.5, MS60 PCGS. Bass-Dannreuther Die State b/b, with a heavy die crack from the obverse rim at 4:30, toward Liberty's throat, and some light clash marks in the wreath, below TES. There is only one Small Eagle 1797 ten dollar variety, classified as BD-1 in the standard series reference. Mint records indicate a small mintage of 3,615 examples were struck in 1797, before the Mint switched to the Heraldic Eagle reverse partway through the year. It is likely that some of those coins were actually dated 1796, however. Three more varieties are known for the date, with the Heraldic Eagle motif on the reverse. The BD-1 is an elusive variety, with PCGS CoinFacts estimating only 50 to 60 examples are extant in all grades. Most of these are in XF or AU grades, and any Mint State coin is an extremely rare offering. PCGS has encapsulated only four Uncirculated pieces, including the presently offered MS60 example, two MS61 coins, and a single MS62 specimen; NGC shows eight submissions in Mint State, although there are likely resubmissions reflected, as well (12/22). The sole finest, an MS63 NGC coin, realized $448,500 in a Goldberg sale in 2007.

The 1797 Small Eagle ten shows the only appearance of this obverse die, although the reverse was also employed for the sole 1796 variety (BD-1). Die state evidence reveals that some of the 1796-dated pieces were actually struck after the 1797 coins, leading to the conclusion that there must have been a remarriage of the 1796 dies after the 1797 pieces were struck. If the remarriage occurred in 1797, it would mean that the reported Small Eagle ten mintage of that year (3,615 pieces) is a little high, as some of these coins would have been dated 1796. There are too few examples of each variety known to definitively say whether or not there was also a remarriage of the 1797 dies after the final 1796-dated pieces were struck, although such is unlikely. Logic dictates that the 1796 remarriage possibly occurred because the 1797 obverse die failed. The low survival rate of the 1797 issue would seem to substantiate this theory.

The present coin is in a late state of the obverse die, with the telltale crack extending toward the bust from the rim at 4:30. Both sides exhibit luminous, original orange-gold and honey surfaces, with semiprooflike mirroring in the protected recesses. We find no singularly detracting abrasions, and instead note only light chatter in the fields and on the high points of the devices that limits the grade. The extreme centers, as well as some of the peripheral stars, are a trifle soft, as struck, but the overall eye appeal is outstanding for the issue and grade. This is only the eighth time we have offered a Mint State example at auction in the past two decades, and some of those citations represent the same coins. We expect intense competition from series specialists and Registry Set enthusiasts when this lot is called. Housed in a green label holder. This coin is tied with one other example for fifth place in the PCGS CoinFacts Condition Census.
Ex: The New Orleans Collection; Central States Signature (Heritage, 4/2015), lot 5377, realized $211,500.
From The Riverboat Collection of Early Eagles.

Coin Index Numbers: (Variety PCGS# 45716, Base PCGS# 8555)

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.

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