1795 Capped Bust Right Eagle. BD-3, Taraszka-3. Rarity-6. 9 Leaves. AU-58 (NGC).

Type and Style: Type I: Capped Bust Right, Small Eagle. Style II: Head of 1795 with 15 stars arranged 10 left, five right; Reverse of 1795 with nine leaves or fronds on the palm branch. The head and eagle punches are attributed to hubs prepared by Robert Scot. Die Variety: BD-3, Taraszka-3, Breen 4-C, HBCC-3171. Obverse diagnostics include Liberty's bust over the tip of the digit 5 in the date and star 11 away from the letter Y in LIBERTY. The reverse is readily identifiable by having only nine leaves or fronds on the palm branch - unique among reverse dies in the Capped Bust Right, Small Eagle ten-dollar gold series of 1795 to 1797. This variety represents the second of three uses for this obverse die, which was earlier used to produce the BD-2, Taraszka-2 13 Leaves variety, and later in the BD-5, Taraszka-5 13 Leaves marriage. BD-3, Taraszka-3 represents the only use of this reverse die. Die State: BD Die State d/b. The late obverse die state was inherited from the end of the BD-2 press run, and it is identifiable by excessive lapping that has shortened the points of many stars, as well as faint die cracks at the upper left and right points of star 13. The reverse is also in a late die state with heavy breaks manifesting as buckling at the tip of leaf 2, atop the first T in STATES, and at the first A in AMERICA. Lapping has hollowed spots at the eagle's right wing tip, inside the left wing, and at the upper junction of the eagle's tail and legs. These are the only obverse and reverse die states known for the BD-3 variety. Estimated Mintage for the Issue: Most Capped Bust Right, Small Eagle tens were struck from 1795-dated dies. The mintage for calendar year 1795 is 5,583 coins, per Mint records. Dannreuther provides an estimate of coins struck from 1795-dated dies that ranges from a low of 5,859 to a high of 10,915 pieces. Estimated Mintage for the Variety: Dannreuther estimates that only 210 to 500 coins were struck from this die pair. Estimated Surviving Population for the Variety: Numismatic scholars agree that this is the rarest die variety in the Capped Bust Right, Small Eagle ten-dollar gold series. Dannreuther believes that only 20 to 22 coins are extant in all grades; PCGS CoinFacts provides a similar total of just 18 to 22 survivors. Strike: The strike is ideally centered and well executed by early U.S. Mint standards, virtually all design elements boldly to sharply rendered in the absence of all but light wear. The centers on both sides are a bit blunt, largely due to a concentration of adjustment marks (as made) in that area on the obverse. Surfaces: Handsome olive-gold color is seen on both sides, with subtle iridescent highlights of pinkish-rose around some of the peripheral devices. There are appreciable remnants of a prooflike finish in the fields, again mostly in the protected areas around some of the peripheral design elements. We note only light handling marks, none of which are worthy of individual mention. Commentary: This famous variety was apparently discovered by William H. Woodin, a student of the early gold series, who recognized it as a great rarity. Waldo Newcomer gave the variety his imprimatur in 1926 by buying the Woodin specimen for $100, which Walter Breen suggested "was several times the then going price for 1795s in that grade." A second specimen was not publicly identified until 1960, when Breen cataloged one for New Netherlands' 55th sale, calling it "of extreme desirability as a type coin." George H. Blake, best known for amazing collections of paper currency and his United States Paper Money reference, clearly collected this coin before his death in 1955. So, at least one other was known to the collecting community prior to 1960, though it may not have been publicized by Blake. Interest in the variety grew with the recognition of it as a major type (the only early eagle with nine leaves on the reverse) and a major rarity, though as late as 1980 David W. Akers reported that "it has never received any publicity." Its profile is much higher in the present day. Dannreuther writes that "it is one of the most famous die varieties among all early gold coins - the king of the Small Eagle type." The rarity of this variety is no doubt explained by the failure of the reverse die, as all known examples display the heavy breaks described above. Although some numismatists have described the 9 Leaves variety as a die cutting error, the general consensus among scholars is that it represents an intentional experiment on the part of Mint personnel. Dannreuther explains: "...the fact that the reverse was changed to 11 leaves for 1796 and 1797 indicates that [the 9 Leaves] was an intentional experiment. Perhaps the arrangement of 13 leaves was considered too crowded and grouping of 9 leaves was thought too sparse, leading to the introduction of 11 leaves on the branch in 1796." Elusive and desirable at all levels of preservation; several of the 20 or so known examples are in low grades. This is a significant, minimally circulated About Uncirculated example of this rarity.

PCGS# 8552. NGC ID: BFYL.

NGC Census: 6; 2 finer (MS-61 finest).

From the Harvey B. Jacobson Jr. Collection. Earlier from our (Stack's) sale of the George H. Blake Collection, October 2006 71st Anniversary Sale, lot 2232; our ANA Auction of August 2021, lot 4221.