1801 $10 MS65 NGC....

Description

Gem 1801 Capped Bust Right Eagle, BD-2
Popular Condition Rarity
Tied for Finest Certified

1801 $10 MS65 NGC. Breen-6843, Taraszka-25, BD-2, R.2. Mint records show 44,344 ten dollar gold pieces were coined in 1801, with two die varieties known for the date. However, researchers believe some of the large production was actually dated 1800, and a few examples maybe even 1799. The present coin is an example of the BD-2 variety, the most available for the date, easily recognized by the location of the obverse stars. Star 8 is close to the cap, with two points pointing to the cap, while star 13 nearly touches the bust. The stars have longer, more spindly points than the BD-1 variety. The original mintage of the BD-2 variety is estimated as 30,000-40,000 pieces, with perhaps 600-800 examples known today in all grades. The issue is not difficult to locate in lower Mint State grades, and it is a popular choice for a type collection, but it is very rare at the Gem level. Currently, NGC has certified only two coins in MS65, with none finer; while PCGS has graded three examples at the Gem level, with none finer (11/09).
Because of their beauty and impressive size, the eagles of 1801 have been popular with collectors since the earliest days of the hobby. The date appears in auction catalogs as early as the A.C. Kline Collection (Moses Thomas & Sons, 6/1855), lot 175, and remained a frequent offering in catalogs throughout the 1860s. A particularly nice specimen, reminiscent of the coin offered here, appeared in the Sixth Semi-Annual Sale (W. Elliot Woodward, 3/1865), lot 2740, "1801 Splendid, perfectly uncirculated, almost proof; very scarce." The lot realized $17, a respectable sum at the time, to John F. McCoy. McCoy was one of the most prominent collectors of the Civil War era, but he had sold his main collection through Woodward the year before. The McCoy sale was a blockbuster auction that set the all-time record for total prices realized up to that time. Perhaps McCoy was acting as an agent for another collector when he purchased the spectacular 1801 eagle at the later sale, or he may have been starting a second collection of his own. In any case, the coin he purchased sounds like a memorable specimen, and one can only wonder if it might be an early appearance of the coin offered here.
Of course, little notice was taken of subtle differences in die characteristics during the 1860s. Only rudimentary studies of early gold die varieties were attempted by numismatists before the 20th century. In the early days of the last century, specialists such as John H. Clapp and Edgar Adams laid the groundwork for serious study of early gold die varieties, and their findings began to appear in auction catalogs of the time. In the William H. Woodin Collection (Thomas Elder, 3/1911), lots 1195 and 1196 offered both varieties of 1801 eagle, and the cataloger was careful to differentiate between them. The coin in lot 1196 represented the BD-2 variety, and Elder described it as a magnificent specimen:

"1801. Stars on obv. slightly smaller. On reverse, star does not quite touch top of eagle's beak. Gem proof piece with mint luster. Finest 1801 I have ever offered. Plate."

The lot realized $39, a good price in the early 20th century. One cannot help but notice the similarities between Elder's description and Woodward's characterization of the coin in his earlier sale. No proofs are known for this date, so the coin must have been a particularly fine Uncirculated specimen. Again, one can only wonder if the citations both refer to the same coin, and if the coin offered here is a later appearance of the same extraordinary example.
The present coin is certainly well preserved, with medium orange-gold color, and lovely, satiny mint luster. The centers are fully struck, but slight softness is noted around the margins. A short die crack is evident, moving downward from Liberty's earlobe. Some light adjustment marks are detected through the letters LIBERT. The only flaw worthy of mention is a mark in the left obverse field, to the right of star 3. The coin offered here is one of the finest surviving early eagles, and is worthy of a place in the finest early gold collection.(Registry values: P1)

Coin Index Numbers: (NGC ID# 2627, PCGS# 8564, GSID# 9348)

Metal: 91.67% Gold, 8.33% Copper
Weight: 17.50 grams
AGW: 0.51577oz
Mintage: 44,344

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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