1797 $5 Small Eagle, 15 Stars, BD-2, R.7 AU58 PCGS. CAC....

Description

1797 BD-2 Half Eagle, AU58
The Rarest 1797 Small Eagle Variety
The Second Finest of Seven Known

1797 $5 Small Eagle, 15 Stars, BD-2, R.7 AU58 PCGS. CAC. Ex: Harry W. Bass, Jr. Collection. Bass-Dannreuther Die State b/d. A light vertical die crack behind the lower curls extends from the lowest curl to the edge between star 1 and the date, as John Dannreuther describes. Another long die crack from the border through the cap and hair behind Liberty's ear, angles down the neck, and reaches the drapery. Most of the border dentils are thin and spaced apart, suggesting the die may have been lapped. Harry Bass wrote in his notes: "Long crack. Thin denticles due to lapping." This is the only use of the obverse die.

The reverse, now in its second use after 1797 BD-1, has a long, heavy die crack through the I of UNITED, the field, two feathers of the left wing, the eagle's body, and the lower feathers of the right wing. That crack is very heavy at the I of UNITED, and reaches the right border near the wing tip. A branch crack extends up through the eagle's breast feathers to the neck and head, the left branch of the wreath, and the E in STATES to the border at 12 o'clock. Another branch crack extends downward through the eagle's leg and lower two leaves of the olive branch to the border at 5:30.

Mint records show the production of 8,707 half eagles in 1795, 6,196 in 1796, and 3,609 in 1797 for the Small Eagle design. The small mintage of 1798 Small Eagle coins is unknown as they were reported along with the 1798 Heraldic Eagle pieces. Annual mintage figures have no relationship to the number of pieces minted with each coinage date. We are certain that many 1795 Small Eagle fives were struck in 1796, for example. In fact, it is possible that the entire reported production for 1795 and 1796 was dated 1795, and that the 1796 and 1797 half eagles were all coined in the latter year. Certification service totals for each date also fit nicely with the scenario that the total reported mintage for 1795 and 1796 was dated 1795.

The entire series of Small Eagle half eagles dated 1795 to 1798 are highly collectible, and only the 1795 can remotely be called common, and then only in the context of the Small Eagle type. There are 18 varieties known, including 12 of 1795, one of 1796, four of 1797, and one of 1798. Dannreuther estimates a population in the vicinity of 500 to 600 half eagles dated 1795, 80 to 100 dated 1796, 40 to 50 dated 1797, and seven or eight of 1798.

Survival estimates for this important variety seem to be a moving target. In his late 1960s monograph, Walter Breen suggested a rating of nearly R.8. The 1979 Garrett catalog notes: "David Akers estimates that probably fewer than 20 examples exist in all grades." The entry in the Harry W. Bass, Jr. Museum Sylloge assigned an R.7 rating. John Dannreuther writes: "This is a very rare variety with a dozen or so known, although some have estimated as high as 20 or more extant." Ronald Guth's roster, presented below, agrees nicely with the Bass Sylloge, and shows just seven examples of the variety that are known today.

Light high-point rub is evident on this piece that was conservatively graded XF40 in the Garrett catalog. Splashes of coppery-orange toning appear on the lightly abraded yellow-gold surfaces of the obverse and reverse. A few small surface depressions on the lower obverse remain from the planchet when this piece was struck. Slight central weakness is evident on this piece as on other Small Eagle half eagles. PCGS population for both 1797 15 Stars varieties, BD-1 and BD-2: 3 in 58, 1 finer (11/22).

Roster of Seven Known Examples
1. MS60 NGC. Amon G. Carter, Jr. Family Collection (Stack's, 1/1984), lot 637, $12,100; Pre-Long Beach Elite Auction (Superior, 9/2003), lot 2834, $100,625; ANA Signature (Heritage, 8/2010), lot 3471, $218,500; Baltimore Rarities Night (Stack's Bowers, 11/2021), lot 4104, $168,000. This coin was previously certified AU58 PCGS.
2. AU58 PCGS. William J. Jenks Collection (John W. Haseltine, 6/1883), lot 329, $56; Garrett Collection, Part I (Bowers and Ruddy, 11/1979), lot 435, $20,000; Harry W. Bass, Jr. Foundation Collection (HBCC# 3046). The present coin.
3. AU53 PCGS. George H. Earle Collection (Henry Chapman, 6/1912), lot 2337; later, Rare Coin Auction, Part I (Superior, 2/1973), lot 328; Harry W. Bass, Jr. Collection, Part II (Bowers and Merena, 10/1999), lot 720, $69,000.
4. AU53 NGC. James A. Stack, Sr. Collection (Stack's, 10/1994), lot 1034, $23,100; Chicago ANA (Stack's Bowers, 8/2013), lot 4471, $129,250; Baltimore Rarities Night (Stack's Bowers, 11/2021), lot 4105, $117,000.
5. AU53 NGC. Robert P. Hilt, II Collection; Liberty USA Collection / FUN Signature (Heritage, 1/2015), lot 4279, $129,250.
6. AU Details, Repaired NGC. FUN Signature (Heritage, 1/2013), lot 5863, $23,735.
7. XF estimated grade. "Colonel" E.H.R. Green Collection; Eric P. Newman and B.G. Johnson (St. Louis Stamp & Coin Co.); Clifford T. Weihman Collection; Josiah K. Lilly Collection, donated intact in 1968 by Lilly's estate to the National Numismatic Collection in exchange for a $5.5 million tax credit; National Numismatic Collection at the Smithsonian Institution (ID #68.159.156). Gilliland: 32.
From The Harry W. Bass, Jr. Core Collection, Part II.

Coin Index Numbers: (NGC ID# BFWW, Variety PCGS# 519864, Base PCGS# 8069, Greysheet# 198179)

Weight: 8.75 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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