1803 Capped Bust Right Eagle. BD-1, Taraszka-26. Rarity-5+. Small Reverse Stars. MS-62 (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-26, Breen 1-D, HBCC-3195. This variety represents the first of six uses of this obverse die, the only one of the 1803-dated issue, and the only use of this reverse die. The reverse is easily identifiable since one of the arrow heads extends almost to the right edge of the upright of the letter I in UNITED. Other diagnostics of this reverse include a star pointing to the outside of the eagles upper beak, a die gouge between the letters TA in STATES and considerable evidence of rust around the letters ME in AMERICA.Die State: BD Die State a/a. This is the only die state known for the 1803 BD-1 variety, both the obverse and reverse free of clashing, lapping and cracks.Estimated Mintage for the Issue: According to Walter Breen, the mintage for the 1803-dated eagle is 15,017 coins, divided into 8,979 pieces for the Small Reverse Stars Guide Book variety and 6,038 coins for the BD-5 Large Reverse Stars, Extra Star die pairing. Most numismatic references, including the Guide Book, have long accepted this figure for the 1803 eagle. The author further divides the Small Reverse Stars mintage into 4,816 coins delivered on August 19, 1803, and 4,163 coins delivered on November 19, 1803. Breen attributes the 6,038 eagles delivered from June 1 to December 11, 1804, to the BD-5 Large Reverse Stars, Extra Star variety. Dannreuther, however, provides a range of 13,850 to 20,450 eagles struck from 1803-dated dies, the higher estimate likely closer to reality since we know that the 1803 BD-6 is a backdated variety struck after the 1804 BD-1 and, hence, is not included in Breens estimate given above.Estimated Mintage for the Variety: Dannreuther estimates that 1,500 to 2,500 examples were coined from the 1803 BD-1 dies.Estimated Surviving Population for the Variety: Only 30 to 40 coins are believed extant in all grades (per Dannreuther).Strike: This is a sharply struck coin, the overall detail virtually full by early U.S. Mint standards. In fact, the only mentionable softness -- and it is extremely minor -- is confined to the hair strands immediately behind Libertys ear, the obverse dentils outside the letters ERTY in LIBERTY, the eagles right talon, the inside of the eagles left wing, and the cloud below the letter O in OF. The final two design elements are affected by a few faint adjustment marks (as made) whose presence explains their softness of detail.Surfaces: A wonderfully original and nicely preserved coin, the appearance is strongly suggestive of a Choice Mint State grade. Both sides display full deep gold patina, with the obverse enhanced by vivid reddish-rose iridescence. Satiny luster is full and lively. A slanting graze over the vertical stripes in the reverse shield and a couple of light scuffs in the obverse field behind Libertys cap are the only notable provenance markers.Commentary: BD-1 is the first variety of 1803 eagle produced, a conclusion reached by early eagle variety specialists Anthony J. Taraszka and Harry W. Bass, Jr. based on the obverse die state. This die is only found in its perfect state in this pairing, the same state seen in the next pairing for this issue (BD-2). The fact that the reverse is also found perfect on all known examples of the 1803 BD-1 eagle is curious since this die must have suffered some kind of significant damage which prompted Mint personnel to withdraw it from production after a limited press run, thereby explaining the scarcity of this variety. With so few coins extant, it is unlikely that a terminal reverse die state example of the 1803 BD-1 eagle will ever be discovered, a familiar scenario for many of the elusive varieties in this challenging early gold series.Of the six known die marriages of the 1803-dated eagle, only two (BD-3 and BD-5) are relatively obtainable by early eagle standards. Two (BD-2 and BD-6) are exceedingly rare while the other two (BD-1, represented here, and BD-4) are scarce. This is the first 1803 BD-1 eagle that we have had brought to auction since 2010, and it is also one of only three examples of the variety that we have offered since the turn of the 21st century. The other two examples were also Mint State, but the June 2010 Baltimore:3731 specimen was certified Unc Details--Improperly Cleaned, Obverse Damage by NGC and our (Stacks) March 2009 sale of the Entlich, White Oak, Gross and St. Andre collections included a cleaned and tooled example as lot 5984. As one of the finest known survivors from this elusive die marriage the beautiful, original and premium quality MS-62 example offered here represents a significant find for advanced early gold enthusiasts.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 ex Colonel E.H.R. Green; our (Stacks) James A. Stack, Sr. Collection sale, March 1995, lot 561. The plate coin for the die variety in the book United States Ten Dollar Gold Eagles: 1795-1804 by Anthony J. Taraszka.
