Offered
in lot 13198 of our March 2016 Official Auction of the Whitman Coin &
Collectibles Expo is an incredible 1799 Capped Bust Right $10 certified MS-66
by PCGS and approved by CAC. It is the single finest 1799 eagle of any die
marriage known to the aforementioned grading service. Satiny surfaces are
smooth and vibrant, with yellow gold patina and tinges of faint reddish-rose
iridescence along the denticles. The strike is bold throughout and the
virtually pristine features are a delight to behold.
The
Mint Act of 1792 established the eagle as the fundamental basis for America’s
gold coinage that would serve in international commerce as an economic ambassador
for the young nation. However, it was not until 1795 that coinage of the
denomination commenced. According to Mint records, 37,449 Capped Bust Right
eagles were struck in 1799, exhibiting two major obverse design varieties —
Small Stars and Large Stars. Six obverse and six reverse dies were employed resulting
in a total of ten die combinations: eight die pairings for the Small Stars
variety and only two pairings for the Large Stars. Of the two major varieties
of the 1799 eagle, the Small Stars type is widely thought to have been the
first struck and is the slightly scarcer of the two, albeit not by much. At
some point the Small Stars punch with long, thin points broke and a new punch
was prepared with stars that were shorter but much "fatter and
puffier," as Garrett and Guth note.
Roughly
800 to 900 eagles of both varieties are thought to be extant. Thanks to its
comparatively generous mintage figure, the 1799 Large Stars eagle is among the
most available early eagles today. The BD-10 die marriage, as represented by
the present example, survived to the extent of between 300 and 400 survivors,
making it the most frequently seen of the 1799 eagles.
Because
of its overall availability, the 1799 Large Stars eagle has long been popular
as a type coin as well as for collectors of early eagles by year. Harry W.
Bass, Jr. on the other hand was an enthusiastic collector of the issue and
amassed an impressive collection of 21 specimens for his cabinet, including two
examples of the BD-10 variety. Despite the denomination’s very high purchasing
power in its day, a small number in Mint State are known, primarily at the
lower end of the spectrum. There are a few Choice Mint State specimens
recorded, though the number of grading events is likely to be inflated due to
resubmissions. Above the Choice level, as with many early gold issues, the 1799
eagle is a significant condition rarity with only a few that can lay claim as
Gem. The finest example offered in the
legendary D. Brent Pogue Collection was “only” an MS-65+ (PCGS), emphasizing the
significance of this offering.
Spectacular
in its degree of preservation, this landmark MS-66 has so far defied all
efforts to discern its provenance and has likely traded hands through private
treaty in recent decades.
This
important rarity will be offered alongside other treasures in our March 31,
2016, Rarities Night session, held in conjunction with our Official Auction of
the Whitman Coin & Collectibles Spring Expo in Baltimore. The entire
auction is available online at StacksBowers.com. To consign to one of our
upcoming auctions, please contact our offices today at 1-800-458-4646 to speak
with a Consignment Director and see what Stack’s Bowers Galleries can do for
you.
