1798 Capped Bust Right Half Eagle. Heraldic Eagle. BD-2. Rarity-5. Large 8, 13-Star Reverse, Narrow Date. AU-55 (PCGS). CAC.
This handsome 1798 half eagle makes a strong visual impression. Despite the fact that it was struck from a late state of the dies, the definition is reasonably sharp on both sides. For the obverse, most of Liberty's hair curls are bold, and the scribe lines used by the engraver for placing the date are extraordinarily deep and touch the base of the digit 8. The dentils also show a scribe line used in laying out those features, and in some places the scribe line is actually stronger than the dentils themselves. Equally bold definition is noted throughout the reverse, with much of the eagle's plumage crisp and particularly noteworthy. Classic orange-gold and rose-russet shades grace both sides, with frosty luster evident in isolated areas. The surfaces are nicer than usually seen on early half eagles, yielding excellent eye appeal. One minor rim disturbance on the reverse over the letters RI in AMERICA is mentioned solely for future identification. BD Die State c/b. The extensive scribe or guidelines on the obverse of this variety are very interesting to study. This obverse was also used to coin the famed 1798 Small Eagle rarity (BD-1, with only seven or eight examples known). The reverse die is of the John Smith Gardner style with a long-necked eagle, irregular line star pattern, three claws over devices, and two rows of tail feathers. There are four vertical stripes in each shield element. Die State c/b of this variety is characterized by extensive cracks on both sides. The long arc-shaped ridge created by the scribe lines on the obverse likely caused most of the peripheral cracks evident from 7 to 11 o'clock, and it is quite remarkable that the die did not completely fall apart with the formation of a cud in the area below the date. A trio of prominent reverse cracks radiates out from the scroll between the words PLURIBUS and UNUM, at least one of which bisects that side of the coin from the upper border outside the final letter S in STATES to the lower border below the end of the branch. Of the 24,867 half eagles delivered during calendar year 1798, approximately 3,500 to 4,500 coins are believed to have been coined from the 1798 BD-2 die marriage offered here. This is a scarce variety with John W. Dannreuther ( Early U.S. Gold Coin Varieties: A Study of Die States, 1795-1834, 2006) providing an estimate of 50 to 70 survivors in all grades. Appealing to advanced type collectors and early gold variety enthusiasts alike, this impressive half eagle is sure to see spirited bidding at auction.
PCGS# 8078. NGC ID: 25NN.
From Sotheby's Sale of the Citibank Collection, July 1997, lot 314, likely acquired from New York coin dealer Charles Wormser of the New Netherlands Coin Company; our sale of the Dr. James A Ferrendelli Collection, February 2016 Rarities Sale, lot 195; our June 2021 Auction, lot 2477.

Estimate: $18300