1799 Capped Bust Right Eagle. BD-2, Taraszka-14. Rarity-5+. Small Obverse Stars. MS-63 (PCGS).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 d/c-d. This is the latest known die state of this variety. The obverse exhibits several cracks, the most prominent of which originates at the border above the letter L in LIBERTY, continues along the back of that letter and through Libertys cap before terminating in the hair curls behind the ear. There is considerable crumbling associated with this crack, especially at and above the letter L in LIBERTY and within the cap, and a cud has formed along the back of that letter. A second, much lighter crack parallels this primary crack to its left before joining it within the cap, while a third crack starts at the border above the letter R in LIBERTY, joins the tops of the letters TY and terminates at the uppermost point of star 9. On the reverse, the noncontiguous rust-like break within the letter C in AMERICA, through the adjacent A, the eagles left talon, the stem end and tail feathers inherited from the 1799 BD-1 pairing has now expanded and passes through the arrow butts to the edge. Another crack has formed from the right border, into the second feather below the top of the eagles left wing tip and continuing in an irregular fashion through the vertical stripes in the shield. Additionally, this coin shows the beginning of cracks from the border to the upper left of the letter M in AMERICA and through the tops of the letters MER which would help define Die State d of this reverse, previously thought to exist only in the 1799 BD-3 and (possibly) BD-4 pairings. 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: Sharply to fully struck over virtually all elements of the design, softness of detail is extremely minor and generally confined to stars 3 and 12 on the obverse, as well as the eagles wing tips in the opposing areas on the reverse. The impression on both sides is ideally centered on the planchet with bold, uniform dentils encircling the design.Surfaces: This is a well preserved early eagle with surfaces that are overall smooth, certainly much more so than one might expect for the assigned grade. Faint adjustment marks (as made) are seen in the areas of both of the eagles wing tips on the reverse and explain the minor softness of detail noted above. Other, even more trivial adjustment marks are evident along the lower obverse border in date area and around star 1, as well as within Libertys hair curls behind the ear. Splashes of reddish-rose peripheral iridescence enhance the dominant golden-orange patina. Free of significant handling marks, a shallow, curved strike through on Libertys lower neck and another at the upper left point of star 9 are the most useful identifying features.Commentary: The second of two 1799 BD-2 eagles acquired by Mr. Taraszka, this coin represents the latest known die state of the variety. The obverse is likely terminal, the extensive crack at the letter L in LIBERTY and the cap forcing the dies retirement from production. The reverse die state, bridging into that of the 1799 BD-3 variety, further confirms that this coin is almost certainly one of the final examples struck from the BD-2 pairing. This solid Choice Mint State coin undoubtedly ranks high in the census of survivors for this scarce variety, as no more than 45 coins are believed extant. This is a highly significant offering for early eagle variety collectors. It is also a beautiful and conditionally rare example of the type that would make a lovely addition to a collection where a single high grade Capped Bust Right, Heraldic Eagle ten is required.This coin is included in the list of Significant Specimens for the variety in the Taraszka early eagle reference, where it is ranked #1.From the Anthony J. Taraszka Collection. Earlier from Superiors Premier Sale of January-February 1984, lot 1783; Superiors session of Auction 89, July 1989, lot 912; Superiors session of Auction 90, August 1990, lot 1344. The plate coin for the die variety in the book United States Ten Dollar Gold Eagles: 1795-1804 by Anthony J. Taraszka.
