1801 Capped Bust Right Eagle. BD-1, Taraszka-24. Rarity-5. AU-55 (PCGS).Type and Style: Type II: Capped Bust Right, Heraldic Eagle. Style VII: Head of 1795 with 13 large 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-1, Taraszka-24, Breen 1-A, HBCC-3193. This variety represents the only use of this obverse die and the third and final use of this reverse die. The large, thick obverse stars identical to those on examples of the 1799 BD-9, 1799 BD-10, and 1800 BD-1 varieties are diagnostic of this die marriage of the 1801 eagle; the BD-2 pairing of this issue displays large, thin stars. Additional features of the 1801 BD-1 obverse die are star 8 away from Libertys cap and star 13 away from the end of the bust. On the reverse, the tip of a leaf in the olive branch is joined to the right foot of the letter I in AMERICA and the lowest berry in the branch is under the right foot of the final letter A.Die State: BD Die State a/d. This is the rare early die state of this scarce variety, the obverse perfect with no clashing, lapping or cracks. The reverse die was previously used in the 1799 BD-10 and the initial 1800 BD-1 pairing, and it inherited several cracks from Die State c of the latter marriage. A die crack originates in the field below the letter R in AMERICA and extends through the leaves below the letters ICA, the eagles left talon, the tip of the stem and the eagles tail to the border below the arrow butts. A second crack lightly joins the tail to the arrow butts, a third crack extends through the bottom of the letters UNI, and a fourth crack originates from the border above the first letter A in AMERICA and extends along the top of the letters ME. In the 1801 BD-1 marriage, the reverse now exhibits dentil clash along the top of the letters STAT in the word STATES. This is the only known reverse die state of this variety.Estimated Mintage for the Issue: According to numismatic tradition, the mintage for the 1801 eagle is 44,344 coins, 15,090 pieces of which were struck in 1802 from 1801-dated dies. This figure is per Walter Breen. Dannreuther, however, provides a range of 32,500 to 44,000 eagles struck from 1801-dated dies, the lower estimate likely closer to reality since many of the examples delivered during calendar year 1801 were coined from the remarriage of the 1800 BD-1 variety. It is also possible that some 1799-dated eagles were struck as late as 1801.Estimated Mintage for the Variety: Dannreuther estimates that 2,500 to 4,000 examples were coined from the 1801 BD-1 dies.Estimated Surviving Population for the Variety: Forty to 50 coins are believed extant in all grades (per Dannreuther).Strike: This is a boldly to sharply struck example, with virtually all of the obverse stars showing full centrils. The individual strands in Libertys hair are clear, and the eagles plumage is crisply delineated throughout. Boldly and uniformly denticulated borders surround both sides. Any softness of detail is minor and confined to star 6 on the obverse and the eagles right talon on the reverse.Surfaces: Vivid golden yellow patina is seen on both sides of this lovely example. There is ample evidence of a semi-prooflike finish and the fields on both sides are brightly reflective. Handling marks are generally small and inconspicuous, although we do note a short obverse scuff at the junction of Libertys neck and bust that will serve as a useful provenance marker.Commentary: This is the first of the two die pairings produced for the 1801-dated Capped Bust Right eagle, a fact that we know for two reasons. First, it shares its reverse die with the 1800-dated issue, examples of which were struck both before and after the 1801 BD-1 coins. Second, 1801 BD-1 is the penultimate die variety in this series whose obverse was prepared using a large, thick star device punch. Beginning with 1801 BD-2, and excluding only 1804 BD-1, all other die varieties produced through the end of this series feature large, thin obverse stars.Although the rarity of this variety has been overstated in the past, 1801 BD-1 is genuinely scarce with examples seldom appearing on the open market. The progression of reverse die states confirms that all examples of this elusive variety were struck between the earliest 1800 coins and the remarriage of that issue. The early break up of the obverse explains the scarcity of 1801 BD-1. The example offered here is significant due to the perfect state of that die. A find for early eagle variety enthusiasts, this coin would also be a good choice for an advanced type set of United States Mint gold coinage.From the Anthony J. Taraszka Collection. Earlier from our (Stacks) 63rd Anniversary Sale, October 1998, lot 1597.
