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1795 $5 Small Eagle, BD-1, R.5, MS64 NGC....
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Description
1795 Small Eagle Five Dollar, MS64
Rare and Important BD-1 Variety
Deeply Prooflike Fields
1795 $5 Small Eagle, BD-1, R.5, MS64 NGC. Bass-Dannreuther
Die State c/b. Half eagle production began in mid-1795, and the
first delivery of new coinage to the Mint treasurer was on July 31,
in the amount of 744 coins. Production of this denomination from
July through September amounted to 8,707 coins, all dated 1795,
issued to the treasurer in nine deliveries. Eight obverse and eight
reverse dies were used, paired for twelve individual varieties. A
careful study of the likely emission sequence, as supported by die
states, strongly suggests that BD-1 was almost certainly the first
variety produced of this denomination, and likely composed all or
at least most of the first 744-coin delivery in July. John
Dannreuther, writing in Early U.S. Gold Coin Varieties,
reaches this conclusion as well:"Harry Bass concluded that this was the first variety struck of the 12 Small Eagle 1795 issues. Rust on both dies may be due to the delay in striking gold coins, noted elsewhere, due to the high bonds that had to be reduced and posted by three Mint officials. Adams, Woodin, Newcomer, and Mabbott also listed this variety first. ... This variety does fit the characteristics expected for the first variety struck, i.e., one of the four wide date dies (used for BD-1 to 6), 4 reverse berries, and so on."
Walter Breen thought BD-4 was likely the first variety struck in July, but die state evidence clearly debunks that theory, as BD-4's obverse die is now known to have two previous uses in BD-2 and BD-3. BD-2 shares its reverse die with BD-1, but on BD-1 the reverse is in an earlier die state than on BD-2, which proves that BD-1 was coined earlier, consistent with the virtually unanimous conclusion that BD-1 was in fact the first half eagle variety struck by the United States Mint.
In terms of rarity, BD-1 is about in the middle when compared to the other 11 1795 Small Eagle varieties, with only 40 to 50 examples believed known. It ranks substantially rarer than the most frequently seen variety, BD-3, of which 175 to 225 examples are believed extant. This piece is not quite the finest known of the variety (at least one Premium Gem representative is accounted for), but it is firmly within the condition census.
Deeply prooflike fields and subtly contrasted, frosty devices are the hallmarks of this piece, showcasing eye-catching yellow-gold luster with faint overtones of deeper honey and peach hues. The strike is well-centered and sharp throughout the peripheral relief elements, while the only hint of weakness on the central devices is seen on the eagle's right (facing) leg, which is slightly soft in comparison to the surrounding plumage. Noticeable abrasions are almost nonexistent, with only a few minor marks in the mirrored fields precluding a full Gem grade. A small, semicircular lint mark in the field below the B in LIBERTY serves as a pedigree identifier, and the variety's diagnostic die rust is observed over the lower-left portion of the bust and in the field near the F in OF.
Half eagle production preceded eagle coinage by about three months, making the BD-1 half eagle variety the first gold issue struck at the Philadelphia Mint. The present example is an exceptional piece in not only strike and aesthetic appeal, but also in United States numismatic historical importance. Such a high-end example of this rarity may not become available again for a very long time. Census, all varieties included: 3 in 64, 7 finer (11/14).
Ex: A Gentleman's Collection (American Numismatic Rarities, 6/2005), lot 1009.
Coin Index Numbers: (Variety PCGS# 519849, Base PCGS# 8066, Greysheet# 198163)
Metal: 91.67% Gold, 8.33% Copper
Weight: 8.75 grams
AGW: 0.28oz
Mintage: 8,707
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.
Auction Info
2015 January 7 - 12 FUN US Coins Signature Auction - Orlando #1216 (go to Auction Home page)
Auction Dates
January, 2015
7th-12th
Wednesday-Monday
Bids + Registered Phone Bidders: 20
Lot Tracking Activity: N/A
Page Views: 1,976
Buyer's Premium per Lot:
17.5% of the successful bid per lot.
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