1799 $10 Small Stars Obverse AU50 PCGS....

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Sold on Dec 4, 2009 for:

$40,250.00 Bid Source: Internet bidder

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Important, Exceedingly Rare AU BD-1
1799 Small Stars Obverse Ten Dollar

1799 $10 Small Stars Obverse AU50 PCGS. Breen-6839, Taraszka-13, BD-1, R.7. BD Obverse state b (early), Reverse state b (early). This is an attractive AU example of this incredibly rare variety. At the time the Bass-Dannreuther Early U.S. Gold Coin Varieties was published, the authors estimated that only five to seven examples exist, although we are unable to determine if this is one of those pieces.
When Harry W. Bass, Jr. bought his gold example from New York coin dealer Lester Merkin in 1972, it was the first one that had come to his attention, the dies previously known only from the unique Judd-26 copper die trial piece. That piece shows a cancellation mark "X" on the reverse, apparently to prevent it from being gold-plated.
The diagnostics that Bass described for his example, reproduced in Bass-Dannreuther, are comprehensive enough that we reproduce them here verbatim:

"OBV. Small stars, wide date, numerals spaced 1 7 9 9. Star 8 presents two points to cap, almost equidistant. Star 12 markedly double cut counter clockwise (distinctive). Point of start 9 touches Y under serif. Crack edge -- star 8 -- into field paralleling back of cap. Another, edge -- upright of L -- cap -- face behind eye. New obverse. REV. Berry centered under A. Leaf point touches I at center of base. A(M) clear of left wing feathers (distinctive). Rust lump between UN, top opening of N. Rust-like crack within C, skips to left side of A, through A, talon, stem end, tail feathers. Another, faint, edge between O F, through O, second cloud from right. Source: Merkin 2/72 #433."

The present example is in an earlier die state than the Bass example (pictured in both Bass-Dannreuther and the Bass Museum Sylloge). The obverse crack through star 8 is still quite wispy, barely seen from the rim to star 8, and it extends only slightly into the field. The crack from the rim through L is more pronounced and extends lightly through most of the cap, but not onto the face as the Bass coin. On the reverse, the small die crack through the CA and the talon appears in a slightly earlier state, although its small size makes comparison difficult in the Bass photos. The die crack from the second cloud to the right runs up through the O where it terminates just past the upper part of that letter, and there is no trace of a crack between OF; as such, this piece is clearly in an earlier reverse die state overall.
The orange-gold surfaces of this piece are highly attractive and still show considerable flash, with no mentionable adjustment marks and minimal contact, just light wear consistent with the grade. The only surface imperfections worthy of note are both on the reverse, a bit of planchet roughness at 1 o'clock and 7 o'clock. This piece would be attractive even if it were the common BD-7 1799 Small Stars variety, but as an example of the exceedingly rare BD-1, this coin poses an important opportunity for gold specialists that may not recur for many years.(Registry values: P2)

Coin Index Numbers: (NGC ID# 2624, PCGS# 98562, Greysheet# 9346)

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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