1797 Capped Bust Right Eagle. Heraldic Eagle. BD-2, Taraszka-8. Rarity-4+. MS-62 (PCGS).Type and Style: Type II: Capped Bust Right, Heraldic Eagle. Style I: Head of 1795 with 16 stars arranged 10 left, six right; Reverse of 1797A with 13 stars in the field below the clouds and a long, thin neck on the eagle. The head punch is attributed to a hub prepared by Robert Scot, while the eagle punch is attributed by some scholars to a hub prepared by John Smith Gardner.Die Variety: BD-2, Taraszka-8, Breen 2-B, HBCC-3177. Only one obverse die was used to strike all three die marriages of the 1797 Heraldic Eagle ten, and it is easily distinguished from the obverse die of the 1797 Small Eagle issue by the 10x6 star arrangement (as opposed to 12x4). The long, thin neck eagle is definitive for the reverse die of BD-2, Taraszka-8, which does not appear in any other die pairing in this series.Die State: BD Die State b/c. This is the typically encountered obverse die state of the 1797 BD-2 variety, identifiable by prominent die cracks through the second digit 7 in the date. The base of that digit is joined to the border by a single prominent crack, which has now developed into a small cud. There are two cracks within that digit, the left crack continuing only to the lower serif while the right crack, with die crumble evident, continues through the top of the 7 to the base of Libertys bust. The latest reverse die state of this variety known to Dannreuther is Die State b, with a rust lump on top of the second letter T in STATES. The author, however, does write: State c, terminal, may exist, as this is the only use of this die. The present example is in a later state than known to Dannreuther when he created his book in 2006, and we have attributed it as Reverse Die State c. The die has been lapped, removing the rust lump on top of the second letter T in STATES, thinning some of the letters in the legend UNITED STATES OF AMERICA, removing the tiny die rust lumps in the field between the words STATES and OF and the sharp spike-like projection from the second denticle to the left of the letter O in OF, and truncating many of the dentils, especially those along the upper border. In particular, the dentils above the letter E in STATES are noticeably shorter and weaker. The die crack between the words STATES and OF to cloud 5 is bolder than seen on the Die State b example offered above, and it extends faintly into the star field.Estimated Mintage for the Issue: The mintage for the 1797 Heraldic Eagle provided in most numismatic references is 10,940 coins, based on Walter Breens assumption that production from the new Heraldic Eagle reverse dies began on June 7, 1797, with coins bearing that date continuing to be delivered through January 30, 1798. According to Mint records, 10,940 eagles were delivered during that period. Based on a more exhaustive study of die states and emission sequences, as well as modern estimates on the number of coins extant, Dannreuther provides a broader range of 8,750 to 12,500 coins struck for the 1797 Heraldic Eagle.Estimated Mintage for the Variety: Dannreuther estimates that 3,500 to 5,000 examples were coined from the 1797 BD-2 dies.Estimated Surviving Population for the Variety: Eighty to 100 coins are believed extant in all grades (per Dannreuther).Strike: The strike is bold to sharp throughout with good detail to the hair curls behind Libertys ear in the center of the obverse and crisp delineation throughout the eagles plumage.Surfaces: Beautiful golden yellow patina blankets frosty surfaces, the most intense luster reserved for the protected areas around the peripheral devices. Blushes of reddish-apricot toning are also evident around the borders, especially in the date area. Wispy obverse handling marks account for the MS-62 designation from PCGS. The only useful identifiers are a faint hairline scratch in the left field, a short abrasion on Libertys cheek behind the nose, and a couple of tiny scuffs in the right field at star 12.Commentary: This is a gorgeous early eagle from the first year of the Heraldic Eagle design that is sure to attract keen interest among gold type collectors. The Mint State preservation is particularly significant for advanced collectors, as even the most available early U.S. Mint gold issues are scarce in an absolute sense and rare in Uncirculated condition. This is to the best of our knowledge the discovery coin for Reverse Die State c of the 1797 BD-2 attribution. It is a highlight of the present collection and worthy of very strong bids. This coin is included in the list of Significant Specimens for the variety in the Taraszka early eagle reference.From the Anthony J. Taraszka Collection. Earlier from our (Stacks) sale of January 1994, lot 1132. The plate coin for the die variety in the book United States Ten Dollar Gold Eagles: 1795-1804 by Anthony J. Taraszka.
