Capped Bust Right Eagle
1799 Capped Bust Right Eagle. BD-8. Rarity-5. Small Obverse Stars. MS-60 (PCGS). OGH.
This sharply struck, well preserved example seems conservatively graded at the assigned level. Displaying bright golden-yellow patina, both sides exhibit a mix of satin and softly frosted finish, and there is still appreciable semi-reflectivity in the fields. Minimally abraded for the grade and free of singularly mentionable blemishes, this coin is sure to appeal to astute bidders. BD Die State c/b. The reported die state is the only one currently known for this variety, its scarcity making it unlikely that additional die states will be discovered. In fact, we know that the obverse only exists in State c in the 1799 BD-8 marriage, which was struck between die states of the 1799 BD-7 variety. There is crumbling within the denticles outside stars 1 and 2, as inherited from the 1799 BD-7 pairing, the die now developing cracks through stars 1 to 8 and through the letters TY in LIBERTY and stars 9 and 10. The fact that the latter crack does not extend through stars 11 to 13 suggests that this coin is one of the earlier impressions from the 1799 BD-8 pairing. Although only a single reverse die state is recognized for this variety, there are multiple stages of the break up of this die. On the present example, cracks are evident through the letters TATE in STATES, through the letters MER in AMERICA to the tip of the leaf below the letter I, through the letters ICA to the eagle's talon, through the letter IC to the tip of the leaf below the corner of the A, from the border after the word AMERICA to the eagle's tail, and from the border through the letter O in OF to a cloud. Additionally, there are jagged die breaks at the base of the letter D in UNITED and within the letter C in AMERICA. Die clash has resulted in damage to many of the horizontal lines in the shield. Wider damage from this clashing eventually resulted in additional cracks (not evident here) that would develop before the Mint retired this die, such as at the letter F in OF and involving stars 4, 9 and the eagle's head. As previously stated, all known examples of the 1799 BD-8 eagle were struck between die states of the 1799 BD-7 variety. For unknown reasons the Mint initially replaced the reverse die of the 1799 BD-7 pairing with the reverse die represented here, only to have that die break up and fail quickly, resulting in the BD-7 remarriage. The fact that the obverse of the present example is in a somewhat earlier state strongly suggests that the reverse die developed numerous extensive cracks early in the BD-8 press run. The early break up of this reverse die resulted in relatively few coins being struck, which in turn explains the scarcity of the 1799 BD-8 variety. In fact, according to John W. Dannreuther (2006), only 45 to 55 examples are believed extant in all grades. A significant bidding opportunity for early gold variety specialists, this premium quality MS-60 example would also make a fine addition to an advanced cabinet. The old style PCGS insert uses coin #8562, which is now reserved for the Large Obverse Stars Guide Book variety of the 1799 eagle.
PCGS# 98562. NGC ID: 2625.
From the Monterrey Collection.
Estimate: $25000