1800 $10 BD-1, High R.3, MS64 PCGS....

Description

1800 Eagle, BD-1, Exceptional MS64
Tied With Only Two Others for Finest at PCGS
Ex: Parmelee-Clapp-Eliasberg

1800 $10 BD-1, High R.3, MS64 PCGS. Bass-Dannreuther Die State c/e. The recognized superiority of this magnificent coin to most other examples of the 1800 eagle spans back more than a century, with the coin passing through the Parmelee, Mills, and Clapp Collections, and ultimately ending up in the legendary holdings of Louis E. Eliasberg, Sr. It was described in the 1890 Lorin G. Parmelee catalog as: "... sharp, perfect impression: proof surface: very few minute nicks in field; otherwise uncirculated; rare." Nearly a century later, the 1982 Eliasberg catalog stated: "The coin is a superb specimen of the year and is one of the very finest known." The cataloger of the October 1988 Stack's sale seconded this assessment: "Gem Brilliant Uncirculated. A superb specimen with blazing mint lustre [and] partially prooflike surfaces ... One of the three finest examples ... known to us ..."
It is remarkable that this coin has remained in virtually the same condition since it was plated in the 1890 Parmelee catalog, uncleaned and delicately preserved. The fields display notable semiprooflike mirroring and both sides are awash in rich apricot-gold color. The strike is remarkably sharp on the stars, shield, eagle's plumage, and Liberty's hair curls. Light machine doubling is seen on the obverse peripheral legend and stars, and the late die state is evident in cracks and die lapping on each side. Abrasions are minimal, primarily restricted to light disturbances in the obverse fields, and a faint toning streak in the top of Liberty's cap serves as a pedigree identifier.

Where Parmelee acquired the coin is a matter of mild uncertainty, although it is very likely that the piece originated in the collection of George F. Seavey, which was exhibited at the February 1869 meeting of the Boston Numismatic Society. An excerpt from the minutes, published in the March 1869 issue of the American Journal of Numismatics, stated:

"Mr. G.F. Seavey exhibited an exceedingly rare and valuable collection of gold coins, comprising all the regular issue of the United States from the first eagle and half eagle in 1795, down to the present time. ... A vote of thanks was represented to Mr. Seavey for his kindness in bringing in for inspection this costly and beautiful set of coins."

A few years later, in 1873, Parmelee purchased Seavey's gold coin collection, which included an Uncirculated 1800 eagle, in its entirety. Later, only a single 1800 eagle was among Parmelee's holdings when New York Coin & Stamp Co. auctioned his collection in 1890. While it cannot be proven with certainty that the Seavey coin and this piece are in fact the same coin, it is very likely that they are.

The coin was struck from the second marriage of the single 1800-dated die pair. The earlier marriage of these dies was the first use of this obverse, and the second of this reverse, which was previously employed for the plentiful 1799 Large Stars variety (BD-10). The first 1800 marriage is believed to have struck all 5,999 eagles that were reportedly coined in the calendar year 1800. The obverse was then shelved in 1801, and the reverse was paired to a new 1801 obverse, creating the BD-1 variety of that year. The BD-1 1801 obverse quickly fractured, however, and to avoid a corresponding delay in coinage, the reverse was apparently re-paired to the still-serviceable 1800 obverse, as evidenced by die states of the common reverse.

The number of 1800-dated coins struck in 1801 is unknown, but is included in that years' production total of 44,344 coins. This remarriage accounts largely for the unusually "high" number of 1800-dated survivors (200 to 300 coins), somewhat more than would be expected if 5,999 pieces were all that were ever struck. Such a survival rate puts the 1800 eagle among the more plentiful issues of the type, but its status as the only variety of the year also results in increased demand, especially in high grades.

The 1800 eagle appears with some frequency in various AU grades, but it becomes notably scarce in Mint State. Most such coins reside in the MS60 to MS62 range, and it is rare that an MS63 or finer coin is offered at auction. Our Permanent Auction Archives show just two previous appearances of an MS64 representative, the most recent being an NGC coin offered as lot 5479 in our 2014 FUN Signature sale, where it realized $117,500; the other piece, also an NGC coin, brought $115,000 as lot 5181 in our 2011 FUN Signature sale. We feel the Parmelee-Clapp-Eliasberg coin, here housed in a green label PCGS holder, is visually superior to both of the aforementioned examples.

The certified population for this issue in MS64 is just three coins at each major grading service (2/15). The only finer piece is a single MS65 NGC coin pedigreed to John Jay Pittman, formerly from the collection of King Farouk in Egypt. The coin last traded publicly as lot 3250 in our 2008 FUN Signature sale, where it realized $310,500. The present piece is one technical grade point shy of that coin, but we consider it to be of comparable eye appeal. The next owner of this incredible coin will not only be acquiring an outstanding condition rarity, but also a cache of numismatic history.
Ex: Possibly from George F. Seavey; Seavey Descriptive Catalog (William Strobridge, 6/1873), lot 302; Lorin G. Parmelee Collection (New York Coin & Stamp, 6/1890), lot 776, which realized $21.00; John G. Mills Collection (Chapman Brothers, 4/1904), lot 522; J.M. Clapp; John H. Clapp; Clapp Estate, to Louis Eliasberg, Sr. (1942); Louis E. Eliasberg, Sr. Collection (Bowers and Ruddy, 10/1982), lot 655; Public Auction Sale (Stack's, 10/1988), lot 116.
From The New Orleans Collection.

Coin Index Numbers: (NGC ID# BFYT, Variety PCGS# 45732, Base PCGS# 8563)

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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