1804 $10 Plain 4, BD-2, JD-1, High R.7, PR63 PCGS....

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1804 Capped Bust Right Eagle, PR63
Extremely Rare Plain 4, BD-2 Variety
Only Three Examples Traced
Ex: Woodin-Eliasberg-Bass

1804 $10 Plain 4, BD-2, JD-1, High R.7, PR63 PCGS. Ex: Harry W. Bass, JR. Collection. John Dannreuther calls the enigmatic 1804 Plain 4 eagle "one of the most spectacular gold rarities in the entire American series." It was struck for inclusion in the diplomatic presentation proof sets that also included the famous 1804 dollars, but its true nature and rich history remained hidden from collectors until relatively recent times. Initially collected as a regular proof of 1804, later considered a pattern, and finally recognized as a special striking, produced by the Mint to fulfill a specific government purpose, the 1804 Plain 4 eagle is now one of the rarest and most valuable U.S. coins. Only four specimens were struck and only three examples can be positively confirmed today. Even the great institutional collections at the Smithsonian and the American Numismatic Society do not include an example of this fabulous rarity. Heritage Auctions is privileged to present this delightful PR63 specimen from the Harry Bass Core Collection in this important offering.

Origin of the 1804 Plain 4 Eagle
The United States was actively seeking diplomatic treaties and advantageous trade agreements with various Middle Eastern and Southeast Asian countries in the mid-1830s. The State Department dispatched Special Envoy Edmund Roberts on a diplomatic mission to establish favorable relations with specific nations in the region. Diplomatic etiquette of the time called for an exchange of gifts between the interested parties. Accordingly, an impressive package of appropriate gifts was assembled for the King of Siam, the Sultan of Muscat, and the Emperors of Cochin China and Japan. Each ruler was to receive a personalized assortment of firearms, clocks, maps, telescopes, cut glass objects, and other items of the finest American workmanship. Each gift package was also to contain a boxed set of high-quality proof coins of all denominations issued by the United States.

Roberts' mission was initially intended to approach only the Sultan of Muscat and the King of Siam. A November 11, 1834-dated letter from Secretary of State John Forsyth to Mint Director Samuel Moore reads:

"The President has directed that a complete set of the coins of the United States be sent to the King of Siam, and another to the Sultan of Muscat. You are requested therefore to forward to the Department for that purpose, duplicate specimens of each kind now in use, whether of gold, silver, or copper. As boxes, in which they are to be contained, may be more neatly and appropriately made at Philadelphia, under your direction, than they could be here, you are desired to procure them, if it will not be too much trouble, and have the coins suitably arranged in them before they are sent on. They should be of as small a size as is consistent with the purpose for which they are intended; and should be of wood, covered with plain morocco. The color of one should be yellow and the other crimson.
"You are authorized to draw upon the Department for the value of the coins, and the expense of the boxes.
"I have the honor to be, Sir, Very respectfully Your obed. serv.
"John Forsyth"

Forsyth's somewhat ambiguous request for coins "of each kind now in use" posed a problem for the Mint's coiners. The Mint Act of 1792 had provided for two denominations that were no longer in use in 1834, the dollar and the eagle. Since these were the biggest, most valuable, and most visually impressive silver and gold coins in the Mint's itinerary, it seemed wrong to leave them out of the proof sets, even though they were no longer circulating. After all, the whole point of the gifts was to please and impress the foreign rulers. Accordingly, Mint officials consulted the records and found that both denominations had last been struck in 1804 (they did not realize that all the dollars struck that year were from leftover dies of earlier dates). At some point, an entirely new set of dies was prepared for the proof dollars, using the same Draped Bust, Heraldic Eagle design that was current in the early 1800s, and bearing the 1804 date. Apparently, at least eight examples were struck from these dies (which may have been prepared as early as 1831), and another seven specimens were struck later, using a different reverse die. The 1804 dollar became the most valuable and sought-after coin in American numismatics in later years.

For many years, numismatists believed that new dies were created to strike the 1804 Plain 4 eagles, as well, but recent findings suggest a different solution was found for those coins. In his United States Proof Coins, Volume IV: Gold, John Dannreuther reveals that the obverse die used to strike the 1804 Plain 4 eagles was an unused, partially dated die from the 1800-1804 time period. Only the first three digits of the date had been impressed on the die and the final digit was added using a Plain 4 punch from the contemporary set of half dollar punches (eagles actually struck in 1804 feature a Crosslet 4 in the date). The reverse die was an unused half dollar die from the 1805-1806 time frame, with a broken right foot on the F in OF, as reported in two articles by Bryce Brown and Bill Nyberg in the John Reich Journal, Volume 18, Issue 2. Present day numismatists know that the same reverse dies were used to strike some dimes and quarter eagles during this era, but this is the only instance of half dollar-to-eagle crossover die usage that has been reported. The dies required extensive polishing and reworking to remove the rust that had accumulated in 30 years of storage. Some diagnostic features, like a die line in Liberty's hair that shows on all regular-issue eagles from 1795-1804, were lost in the process, and some touchup engraving was necessary to restore lost detail. Fortunately, the Mint struck a series of die trials in silver, listed as Judd-34 and Judd-34a in the standard series reference, that show the progress of the dies from their heavily rusted initial state to their refurbished final state. Eagles actually produced in 1804 were struck with a loose close collar, but the 1804 Plain 4 eagle was produced with a tight close collar. Walter Breen mistakenly noted that the Plain 4 eagles had beaded borders, but they actually show the same cigar-shaped dentils of the pre-1804 issues. The 1804 Plain 4 eagles have reeded edges, with 200 reeds, compared to 126-142 reeds on the earlier eagles. The 1804 Plain 4 eagles are exceptional, high-quality coins that show the immense improvements in mint technology that transpired in the 1804-1834 time frame.

The Coins are Dispersed
Just before Roberts was scheduled to depart, his mission was expanded to include the Emperors of Cochin China and Japan. Two more proof sets were requested on March 31, 1835:

"I will thank you to cause to be prepared two sets of the coins of the United States in caskets, similar to those already prepared for this Department. It is desired that they should be ready in time for the sailing of the United States Sloop of War Peacock. That ship is now at New York under sailing orders, but her departure will, probably, be delayed until the 10th of April.
"As soon as they are ready, you will send them addressed to Edmund Roberts, Esq., under cover to the collector of the customs. The colors of the caskets and of the linings is left to your own taste. It is hoped that all practicable dispatch will be used in the fulfillment of this request.
"I am Sir, your obedt. Servt.
"John Forsyth"

Mint Director Moore had the four proof sets struck and delivered to Edmund Roberts as instructed, and the Peacock departed as planned. Tragically, only the Sultan of Muscat and King Of Siam actually received their gifts. After a harrowing series of adventures, Edmund Roberts fell ill and died in Macao before he could complete his mission. The proof sets intended for the Emperors of Cochin China and Japan were apparently returned to the State Department when the U.S.S. Peacock returned home in November 1837, along with the other gifts. No official record of their distribution has come to light. It seems unlikely that they were returned to the Mint or Treasury Department, as there was no example in the Mint Cabinet Collection, which was established in 1838. It is possible that they were simply spent on State Department business.

All knowledge of the diplomatic proof sets and the fabulous rarities they contained quickly faded from numismatic memory after the Peacock returned. The silver coins from the Sultan of Muscat's proof set surfaced in the late 1860s, in the collection of Charles Watters, of Liverpool, England, but the 1804 eagle from that set was not rediscovered until the 1930s. The King of Siam's proof set remained largely intact, but it was moving outside of numismatic circles and was completely unknown to collectors for more than a century. The Bass coin was the first to resurface, in 1869, but it's true origin was not even suspected and it was collected as a regular proof issue for many years. The coin from the fourth proof set has not been reliably reported since the 1830s. A detailed history of all the known 1804 Plain 4 eagles is included in the roster below.

The 1804 Plain 4 Eagle as a Pattern
The following analysis is from our description of the 1804 Plain 4 eagle in lot 3049 of the Bob R. Simpson Collection, Part III (Heritage, 1/2021). Many collectors are not aware that the 1804 Plain 4 proof eagle is listed in the standard reference for the pattern series as Judd-33. The Judd reference also includes two closely related silver die trials from the same dies as the 1804 Plain 4 eagle, Judd-34 (with a reeded edge) and Judd-34a (with a plain edge). Although these issues have been listed in some references as patterns since the 1940s, and the silver pieces are legitimate die trials, the inclusion of the 1804 Plain 4 proof eagle in the series is controversial.

Early pattern specialists, like Robert Coulton Davis, believed these coins were actually proof specimens of the regular 1804 Capped Bust Right eagle design, struck in 1804, and did not recognize them as patterns. Davis was probably unaware of the silver die trials.

Edgar Adams and William Woodin also did not list the 1804 Plain 4 eagle as a pattern. Even though Woodin owned a gold example of the issue and Adams owned one of the silver die trials, they mistakenly believed the coins were struck from regular dies, like Davis. In their 1913-dated pattern reference, they listed the silver die trial as AW-23:

"Eagle. Regular dies. Silver. Four specimens are said to have been struck. R13."

However, they did not include the proof gold eagle in their listings because they thought the coins were struck from the "regular dies" in 1804. As it turns out, they were probably correct in not listing the 1804 Plain 4 eagle as a pattern, but their observations were faulty. For two such accomplished numismatists as Woodin and Adams to miss the easily identifiable Plain 4 in the date, as well as some differences in the star positions on the reverse, and believe the coins were struck from regular dies is a truly surprising error.

When Wayte Raymond began listing patterns separately in his Standard Catalogue of United States Coins in the late 1940s, he noticed the telltale differences in design between the 1804 Plain 4 eagle and the regular issue Crosslet 4 variety. Those differences and the proof format of the coins convinced him that the 1804 Plain 4 eagle was an early pattern for a proposed new design that was not accepted. He listed the issue as follows, making sure to point out the error in the Adams-Woodin reference:

"1804 Entirely different dies from the coin circulated. Gold and silver (23, in silver only, where it is erroneously claimed to be the regular dies)."

When Dr. Judd published his pattern reference in the following decade, he simply followed suit in listing the gold issue as a pattern.

Of course, when the King of Siam proof set resurfaced in 1962, numismatists finally came to understand the true nature of the 1804 Plain 4 eagle and the 1804 dollar. The coins were neither regular issue proofs nor patterns, but specially created strikings produced by the Mint decades after the date on the coins for a specific government purpose. Andrew Pollock did not list the 1804 Plain 4 eagle in his United States Patterns and Related Issues, but he did list the silver die trials as Pollock-46 and 47. The Judd book still retains the listing for Judd-33. As USPatterns.com notes about the 1804 Plain 4 eagle, "We list it here because it is clearly something beyond a regular issue."

The Present Coin
The Bass specimen is the discovery coin for the issue. It shows a reasonably sharp center on star 3 and an almost undetectable die crack from the circular curl of Liberty's hair to the left base of R in LIBERTY. Both the King of Siam coin and the example from Bob Simpson's collection exhibit a weak center on star 3, as if the die was partially clogged when the coins were struck, and a stronger die crack from the hair to the base of R. We assume the two coins with similar striking characteristics were struck at the same time. Since we know the King of Siam's coin was struck in November of 1834, we believe Bob Simpson's coin must be the Sultan of Muscat's piece. Therefore, the Bass coin must be one of the coins struck in April of 1835, with the dies being lightly polished in the meantime, to minimize the die crack and remove whatever was clogging the die at star 3.

This coin first appeared in a photograph in the August 1869 edition of the American Journal of Numismatics. The image included 22 other coins and was part of an article titled "Devices on United States Coins and Pattern Pieces" by Dr. Benjamin Betts. This was one of the earliest pictorial representations of any U.S. coinage, preceded by the famous Levick Plate of early coppers in the April 1869 issue of the AJN, the plates in Edward Cogan's catalog of the Mortimer Mackenzie Collection (6/1869), and perhaps a few others. The Bass coin is easily recognized in the photograph by the presence of a die lump between the T and Y of LIBERTY that does not show on any other 1804 Plain 4 eagle.

This coin has a remarkable unbroken pedigree from 1869 to the present day (see roster below). It has been a highlight of many famous collections, including those of Lorin G. Parmelee, William Woodin, and Louis E. Eliasberg, Sr., before finding a home in the legendary collection of Harry W. Bass, Jr. As part of the Harry Bass Core Collection, it has been viewed by millions of numismatists, on display at major coin conventions and at ANA Headquarters in Colorado Springs. This 1804 Plain 4 eagle possesses an appeal that extends far beyond the bounds of early gold collecting. Students of the pattern series, advanced collectors of early U.S. proof coins, and Registry Set enthusiasts will find no easy replacement for this coin, once this lot has passed. The 1804 Plain 4 eagle is seldom offered publicly, so meaningful price comparisons are hard to come by. However, the PR65+ Deep Cameo specimen from the Simpson Collection sold for $5,280,000 at a Heritage auction in January 2021.

Physical Description
The coin offered here is a spectacular Select proof, with sharply detailed design elements throughout. Unlike the other known examples, the center of star 3 is bold and the die crack from the base of the R in LIBERTY to the hair is very faint. The medium yellow-gold surfaces include brightly reflective fields and show a few highlights of turquoise in selected areas at the date, between the stars, and on Liberty's profile. A die lump between the letters T and Y in LIBERTY serves as an excellent pedigree marker. A few minor ticks and hairlines in the fields do not detract from the outstanding eye appeal. This coin possesses an irresistible combination of absolute rarity, high technical quality, and terrific eye appeal. The discovery specimen of this important historic issue, it boasts a long and distinguished pedigree. This lot represents an important opportunity for the advanced collector, as the other two known examples are held in strong hands and it may be decades before another public offering occurs. The discerning collector will bid accordingly. The 1804 Plain 4 eagle is listed among the 100 Greatest U.S. Coins. This coin is pictured on PCGS CoinFacts.

Roster of Proof 1804 Capped Bust Right, Plain 4 Eagles, BD-2, JD-1.
1. PR65+ Deep Cameo, PCGS. Philadelphia Mint in 1834, part of the Sultan of Muscat diplomatic presentation proof set; Sayyid Sa'id-bin-Sultan, Sultan of Muscat; unknown intermediaries; "Col." E.H.R. Green; Green estate, Chase Manhattan National Bank, executors; purchased by Stack's in 1943; probably purchased privately by Clifford T. Weihman; sold privately in 1947 for $7,500, to Farish Baldenhofer; Farish Baldenhofer Collection (Stack's, 11/1955), lot 1459; unknown intermediaries; Rare and Important U.S. Gold Coins (Stack's, 10/1988), lot 119; Spectrum Numismatics; purchased by John Albanese, circa 2002, for $600,000; sold to Lee Numismatics; John Albanese; sold to Albanese Rare Coins (David Albanese); Canadian collector, at a reported $900,000; Maryland collector, at a reported $2 million; Scott Rudolph, circa 2007, for a reported $5 million, via David Albanese; John Albanese, on consignment from Rudolph; Legend Numismatics in 2010; Bob R. Simpson Collection, Part III (Heritage, 1/2021), lot 3049, realized $5,280,000. The plate coin in David Akers Gold Pattern reference. Note: some researchers have suggested this coin was owned by Baltimore collector Waldo Newcomer and, possibly, William Woodin before it passed to Colonel Green. This seems unlikely, as there is no record of the coin in the Newcomer Inventory.
2. Proof 64 PCGS. Philadelphia Mint in 1834, part of the King of Siam diplomatic presentation proof set; King Ph'ra Nang Klao (Rama III) of Siam in April 1836; King Mongkut (Rama IV), his half-brother; King Chulalongkorn (Rama V) his son in 1868; unknown intermediaries, possibly Mrs. Anna Leonowens, of The King and I musical fame; possibly Leonowens' descendants; David Spink in 1962; Lester Merkin, acting as an agent for a Pittsburgh client in 1978; Elvin I. Unterman, acting as agent for the Pittsburgh collector in 1981; King of Siam Sale (Bowers and Merena, 10/1987), lot 2209, reserve not met; purchased by a private collector via Stack's on October 18, 1987; purchased by The Rarities Group (Martin Paul) and Continental Rarity Coin Fund I (Greg Holloway) in 1989; Boy's Town Sale (Superior, 5/1990), lot 3364; Iraj Sayeh and Terry Brand; The January-February Auction (Superior, 1/1993), lot 1196; Dwight Manley (Spectrum Numismatics); Western Collection, exhibited at the Mandalay Bay Casino; West Coast business executive in 2001, via Spectrum Numismatics and Mike's Coin Chest of Torrance, California; Steve Contursi and a Western collector purchased the set, via Ira and Larry Goldberg, for $8.5 million on November 1, 2005; the Western collector bought out Contursi in 2009; Tyrant Collection.
3. PR63 PCGS. Philadelphia Mint in 1835, part of the diplomatic presentation set for either the Emperor of Japan or the Emperor of Cochin China; never delivered by Special Agent Edmund Roberts, who died before the cased set could be presented; returned to the State Department; unknown intermediaries; Dr. Benjamin Betts, illustrated in the August 1869 issue of the American Journal of Numismatics; Public Auction Sale (Edward Cogan, 6/1871), lot 76, realized $35; Isaac F. Wood; Isaac F. Wood Collection (Cogan, 5/1873), lot 1334; Lorin G. Parmelee; Parmelee Collection (New York Coin & Stamp, 6/1890), lot 814; Charles Steigerwalt; Steigerwalt's FPL number 50, November 1894; William H. Woodin; Woodin Collection (Thomas Elder, 3/1911), lot 1200; John H. Clapp; Clapp estate; Louis E. Eliasberg in 1942 via Stack's; Eliasberg estate; United States Gold Coin Collection (Bowers and Ruddy, 10/1982), lot 660; Harry W. Bass, Jr.; Harry W. Bass Core Collection, on display at ANA Headquarters in Colorado Springs for many years. Plate coin for Early U.S. Gold Coin Varieties, by John Dannreuther and Harry Bass, United States Ten Dollar Gold Eagles, by Anthony J. Taraska, and United States Pattern Coins, by Dr. J. Hewitt Judd. The present coin.
4. Proof. Philadelphia Mint in 1835, part of the diplomatic presentation set for either the Emperor of Japan or the Emperor of Cochin China; never delivered by Special Agent Edmund Roberts, who died before the cased set could be presented; returned to the State Department; not traced since. Carl Carlson believed this coin was offered in lot 639 of Thomas Elder's sale of 2/7/1913, but the description of that lot indicates it was a high-grade business-strike example. Similarly, Walter Breen cited an example in Virgil Brand's collection, but several researchers have found no mention of this issue in the Virgil Brand Journals at the ANS. Breen also indicates the Brand coin was handled by coin dealer Charles E. Green in the 1940s, but he might have been handling the Col. Green specimen on consignment, as it came on the market in the early 1940s. Breen also cites an example in Stack's H.R. Lee Sale in 1947, but that coin is also a business-strike. Several sources indicate the fourth 1804 proof eagle is in a private collection today, but we have not been able to reliably trace any appearance of this piece since the 1830s.
From The Harry W. Bass, Jr. Core Collection, Part I.

Coin Index Numbers: (Variety PCGS# 45742, Base PCGS# 8570)

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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