The Director is sorry to observe, that the practice of melting down the coin of the United States, by workmen in gold and silver, is, he fears, becoming too common, to the manifest loss of the United States. As there are not any laws prohibiting it, every one is left to his own discretion, which, from the certainty of the standard, becomes so great a convenience, if not a pecuniary advantage, as to render the prevalence of the practice almost beyond a doubt, if not prohibited by law. - Elias Boudinot, Report by the Director of the Mint, January 1800A superb near gem, this coin is one of the hidden highlights among the D. Brent Pogue Collection of early dollars, having been out of view since 1989. The surfaces show an even and attractive old patina, a shade of rich deep gray that includes hints of gold, rose, violet, and blue. Both sides appear nearly immaculate, free of even the most minuscule nicks or flaws, and showing only hairlines that descend into the range of total inconsequence. The fine strike adds to the eye appeal, raising a fine portrait of Liberty and a crisp array of stars on the obverse. The reverse is nearly as well defined, showing no flat stars in the cluster above the eagles head and only modest softness on the eagles chest. Other elements, from center to periphery, also show abundant fine detail. A tiny planchet fissure is seen beneath Libertys jaw, while a more visible streak is present above the farthest right arrowhead on the reverse.This die state was long known as Bolender-18, sometimes called the "comet variety" for the heavy clash mark from Libertys drapery that appears among the rightmost clouds on the reverse. Evidence of the clash is scant on the obverse, but plentiful vestiges remain on the reverse, including around the olive branch and nearby talon and within the star cluster. A die break connects the tops of AMERICA and continues subtly to the eagles tail. This state is described by Bowers as Die State III.The year 1800 was an inflection point in the history of the United States Mint and the dollar denomination. After mintages of 327,536 and 423,515 in 1798 and 1799, the number of dollars decreased in 1800 to fewer than 221,000. The annual mintage would not top 100,000 pieces again for more than 40 years. The Mint institution endured similar ups and downs. After five years of gold and silver coin production, and nearly a decade of operation, the Philadelphia Mint was threatened by the impending removal of the national capital to its new location on the banks of the Potomac. Elias Boudinot warned President John Adams, "The doubtful consequences of a removal must strike every person acquainted with the business of the mint, as it is in a great measure supported by the bullion passing through the different banks of this city." Boudinot understood that transplanting the Mint from the biggest commercial center in the nation to a new city far from the corridors of economic power would have devastating consequences. Further, the Mints products were disappearing from circulation faster than they could be replaced, as the gyrations of the international market for gold and silver created premiums that made the export and melting of United States coins more and more profitable for corporate entrepreneurs.Boudinot successfully lobbied Congress for a reprieve from the impending move, receiving a two-year stay of execution on March 3, 1801. Further five-year renewals passed Congress in 1803, 1808, 1813, 1818, and 1823, but it wasnt until the Act of May 19, 1828 that the Mint was allowed to "continue ... at Philadelphia until otherwise provided by law." Over that time, Congress made several serious inquiries into shutting down the Mint permanently, most seriously in 1802.Last sold in 1989, this specimen ranks as one of the finest preserved 1800 dollars of any variety. It was chosen to illustrate the BB-193 die variety in the 1993 Bowers Encyclopedia. The only example ranked higher than this coin on the Bowers census of this die marriage is the 1977 Fairfield sale coin, now the sole best certified of the date at PCGS MS-65+.
