1799 Capped Bust Right Eagle. BD-8, Taraszka-20. Rarity-5. Small Obverse Stars. MS-61 (PCGS).

Type and Style: Type II: Capped Bust Right, Heraldic Eagle. Style VI: Head of 1795 with 13 small stars arranged eight left, five right; Reverse of 1799 with 13 small stars in the field below the clouds and a short, thick neck on the eagle. The head and eagle punches are attributed to hubs prepared by Robert Scot. Die Variety: BD-8, Taraszka-20, Breen 4-D, HBCC-3189. This variety represents the second of two uses of this obverse die and the only use of this reverse die. The obverse exhibits a pronounced slant to the right for the digits 17 in the date, the final digit 9 is close to the bust, and star 9 nearly touches the letter Y in LIBERTY below its right serif. On the reverse, stars 1 and 2 are repunched, one point of star 12 is joined to the tip of the eagle's upper beak, star 13 touches the ribbon above the second letter U in UNUM, and the lowest arrow head is under the right half of the letter U in UNITED. Die State: BD Die State c/b. This is the only die state 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 through 13. 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 minor damage to some of the horizontal lines in the shield. Wider damage from this clashing resulted in additional cracks (discernible here with patience) at the letter F in OF and involving stars 4 and 9. Estimated Mintage for the Issue: The conventionally accepted mintage has been 37,449 coins for the 1799 Capped Bust Right eagle issue, based on Walter Breen's assumption that all of the coins delivered between May 14, 1799, and September 4, 1800, were from 1799-dated dies. After careful study, Dannreuther provides a revised range of 31,750 to 46,250 pieces produced, the lower estimate allowing for the possibility that some 1797 BD-3 and/or BD-4 coins were included in Breen's 37,499-piece mintage, and the upper estimate allowing for the possibility that some 1799-dated eagles were also included in later deliveries. Estimated Mintage for the Variety: Dannreuther estimates that 2,500 to 3,500 examples were coined from the 1799 BD-8 dies. Estimated Surviving Population for the Variety: Only 45 to 55 coins are believed extant in all grades (per Dannreuther). Strike: This impressive early eagle is sharply to fully defined from a well centered strike. Surfaces: Here is an attractive Mint State example, with both sides exhibiting bright medium gold color and a tinge of pale honey. For the reverse we note a few blushes of iridescent rose-apricot, most noticeably along the lower left border and inside the letters AMER in AMERICA. The luster is full and decidedly semi-prooflike, as evidenced by modest, yet appreciable reflectivity in the fields. Minimally marked and pleasingly smooth, although accuracy does compel us to mention an area of curious haziness in the right obverse field that is not readily evident at all viewing angles. Commentary: As related above, 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. A significant bidding opportunity for early gold variety specialists, this lovely MS-61 example would also make a fine addition to an advanced type set.

PCGS# 98562. NGC ID: 2624.

From the Harvey B. Jacobson Jr. Collection. Acquired from Superior Galleries, privately, 2004.