The quantities of foreign silver coins, other than Spanish dollars, have very considerably increased; and the present prospect is, that, under the operation of existing arrangements, no difficulty will be found in supplying the Mint with any sums to the coinage of which it may be found competent. - Secretary of the Treasury Oliver Walcott, letter to the House of Representatives, January 10, 1798Rich golden toning nearly overwhelms the violet and pale blue highlights found on both sides amidst unrestrained cartwheel luster. The strike offers excellent definition despite the advanced die state, though only the top half of the eagles chest feathers are sharp. A natural planchet flaw has been mostly obliterated on the rim above N of UNITED. Scrutiny reveals a tiny speck of plaque among Libertys shoulder tresses and some possibly related inborn granularity between TE of STATES and to the lower right of reverse star 13. Very subtle streaks of planchet texture, barely significant enough to be called granularity, stretch on a northeasterly diagonal from below Libertys chin into the upper right obverse field.The surfaces have been well protected and exhibit only very minor marks and subtle hairlines. A dig beneath Libertys eye is the only noteworthy contact point, along with a small group of far more minor contacts below Libertys hair bow. A thin hairline begins beneath RIB of PLURIBUS and crosses the eagles neck and upper right corner of the shield nearly imperceptibly, before becoming more evident among the feathers at the base of the wing to right and into the field below E of STATES. Another nearly vertical hairline crosses it in the right reverse field, running from the top of the olive branch to the base of the first A of AMERICA. Less significant hairlines are seen here and there, perhaps most visible on the roundness of Libertys cheek.With the crack below 17 of the date just beginning to bud (manifesting as a small bump below those two digits), this specimen qualifies as Bowers Die State II. The heavy crack that connects the right base of L of LIBERTY to the rim and the arc crack above AME and the wingtip at right are both visible. Spalling is seen below and left of B in LIBERTY and from Y through the stars on the right side of the obverse, with an additional gathering near the truncation of the bust.More than 327,000 dollars were delivered by the Mint in 1798, a quantity greater than the total produced from its founding through 1797. Substantial stockpiles of foreign silver coins at Philadelphia banks spurred depositors to convert these widely varied coins into brand new dollars, most displaying the Heraldic Eagle reverse. Secretary of the Treasury Oliver Walcott reported to Congress in January 1798 that past efforts to convince the Bank of the United States to have their foreign silver coins converted to U.S. coins at the Mint were stifled by the fact that "during the years 1795 and 1796, the sums in the bank, of foreign silver, other than Spanish dollars, were ... very inconsiderable." Spanish milled dollars or 8 reales were easy to spend both here and abroad, so there was no need to change their form. Walcott reported that after July 1797 "the quantities of foreign silver coins, other than Spanish dollars, have very considerably increased," giving the Mint a ready supply of silver to be struck. The foreign silver coins likely consisted largely of French coins, which also formed the bulk of the deposits that produced dollars and half dollars in 1794 and 1795. By 1798, American trade literally spanned the globe, so silver coins from every inhabited continent could have found their way into Philadelphia bank vaults.An acknowledged favorite among members of this die marriage, this specimen has highlighted major cabinets on the strength of its luster and visual appeal. This piece tops the Bowers census and appears to have a solid claim to finest known honors. The Warren Miller specimen of this variety is graded MS-61 (PCGS).
