1799 Capped Bust Right Eagle. BD-2, Taraszka-14. Rarity-5+. Small Obverse Stars. AU-58 (PCGS). CAC.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-2, Taraszka-14, Breen 2-A, HBCC-3183. This variety represents the only use of this obverse die in the Capped Bust Right eagle series and the second of four uses of this reverse die. The obverse is identifiable by a wide date spaced 179 9. Star 9 does not touch the letter Y in LIBERTY, and star 13 is also well away from the end of the bust. A loupe reveals numerous tiny rust pits on Libertys cheek and neck, the most prominent of which are concentrated around the curl in front of the ear. On the reverse, the lowermost arrow head is under the extreme left edge of the letter N in UNITED, a leaf tip just touches the center of the letter I in UNITED, the lowermost berry is centered under the final letter A in AMERICA, a faint, jagged die line originates at the border above the right edge of the letter O in OF, bisects that letter and terminates at cloud 5, and there are small die rust lumps between the letters UN in UNITED and within the top of the N.Die State: BD Die State a/b. This is the early, perfect state of this obverse die with no clashing, lapping or cracks. The reverse is in the state inherited from its use in the 1799 BD-1 pairing with a noncontiguous rust-like break within the letter C in AMERICA, through the adjacent A, the eagles left talon, the stem end and into the tail feathers. On this particular example, the break is extremely faint and difficult to discern in all areas except at the letter A in AMERICA.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 Breens 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 Breens 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 1,500 to 2,000 examples were coined from the 1799 BD-2 dies.Estimated Surviving Population for the Variety: Only 35 to 45 coins are believed extant in all grades (per Dannreuther).Strike: This is a generally sharp example with the central design elements near-fully defined. A concentration of light adjustment marks (as made) at the lower right obverse border explains the bluntness of detail to stars 12 and 13, as well as the eagles left wing tip in the opposing area on the reverse. The eagles right wing tip and the opposing star on the obverse (star 3) are also softly defined, as are the end of Libertys bust and cloud 5. The dentils are uniformly bold around both sides.Surfaces: Semi-prooflike in finish, both sides retain appreciable reflectivity in the fields. Deep orange-gold patina dominates, although we also note warm olive undertones and blushes of pale rose iridescence. Wispy hairlines and a touch of glossiness to the texture are noted for accuracy, but there are no sizable or singularly mentionable marks. Indeed, the appearance of this coin is quite smooth for a lightly circulated early eagle.Commentary: BD-2 is the second variety of 1799 eagle produced, a sequence that we know with certainty because the two varieties share the same reverse die. The earliest die state of BD-2, represented here, inherited its reverse die state from the 1799 BD-1 marriage. This is the most readily available of the four varieties that use this reverse die, although survivors are still scarce in an absolute sense. As with BD-1, the early break up of the obverse die explains the elusiveness of BD-2. Relatively few coins were struck before the obverse die deteriorated to the point where it had to be replaced. Once again, however, the reverse die soldiered on and struck more coins with two additional obverse dies. Mr. Taraszka acquired two examples of the 1799 BD-2 variety, the early die state coin offered here and the late die state specimen in the following lot. Interestingly, Harry W. Bass, Jr. was able to acquire examples of all four die states of this variety, the coin retained in the core collection is in Die State a/b, as here.From the Anthony J. Taraszka Collection. Earlier from our (Bowers and Merenas) sale of the Rogers M. Fred, Jr. and Peter A. Ward, M.D. Collections, November 1995, lot 2103.
