1803 Capped Bust Right Eagle. BD-2, Taraszka-27. Rarity-7. Small Reverse Stars. AU-53 (PCGS). CAC.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-2, Taraszka-27, Breen 1-C, HBCC-3196. This variety represents the second of six uses of this obverse die, the only one of the 1803-dated issue, and the only use of this reverse die. On this reverse die, the arrow heads do not extend past the letter N in UNITED, the eagles beak is joined to a star point-to-point, and the right foot of the letter E in STATES is over a cloud.Die State: BD Die State a/b. This is the only obverse die state known for the 1803 BD-2 variety, inherited from its use in the BD-1 pairing. The obverse is free of lapping, clashing and cracks. This is the later of only two known die states for the 1803 BD-2 variety, attributable by a light crack from the lower border to the eagles tail.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 just 300 to 600 examples were coined from the 1803 BD-2 dies.Estimated Surviving Population for the Variety: Only six to 10 coins are believed extant in all grades (per Dannreuther).Strike: This is a boldly to sharply defined example, with light high point rub commensurate with the assigned grade. The impression is nicely centered on both sides, the borders are fully and uniformly dentillated.Surfaces: Handsome deep honey-orange patina is seen on both sides of this handsomely original example, with vivid reddish-rose highlights also evident under a light. Ample satin to modestly semi-prooflike finish remains, especially in the protected areas around the devices. We note only wispy handling marks, none of which are significant for the assigned grade. For provenance purposes there are three tiny nicks in the upper left obverse field between the back of Libertys cap and stars 7 and 8.Commentary: This variety vies with BD-6 as the rarest of the 1803-dated issue. With so few examples confirmed, and given that this die is unknown in any other pairing, the reverse must have failed early in the press run. If terminal die state coins were struck, they must have been lost through the mass meltings that claimed most pre-1834 U.S. Mint gold coins. In addition to its rarity, the 1803 BD-2 variety is significant as the only one in the early eagle series with 130 reeds around the edge. This fact was reported by Anthony J. Taraszka in his early eagle reference and expounded upon by Dannreuther in 2006: As noted by eagle researcher Anthony Taraszka, this is the only early eagle that has 130 reeds, indicating that the segmented collar used for this variety also likely failed.One of the rarest and most significant offerings in the fabulous Taraszka Collection, this may be the only opportunity in a lifetime for the advanced early eagle variety specialist to acquire an 1803 BD-2 eagle.This coin is included in the list of Significant Specimens for the variety in the Taraszka early eagle reference. When that book was published, the author knew of only four examples of this variety:1 - Mint State. Ex Pine Trees Breen II Sale, June 1975, lot 212; Harry W. Bass, Jr. Core Collection.2 - Mint State. Ex New Netherlands 54th Sale, April 1960, lot 689.3 - PCGS AU-53. Ex our (Bowers and Merenas) Rarities Sale of August 1998, lot 349; Anthony J. Taraszka. The present example.4 - About Uncirculated. Ex our (Stacks) sale of the Nicholson Family Collection, June 1967, lot 196.Since publication of the Taraszka reference, we are aware of positive confirmation for only one other 1803 BD-2 eagle:5 - NGC AU-50. Ex Heritages FUN Signature Sale of January 2001, lot 8264 (as PCGS EF-40); our sale of the Brandywine Collection, November 2011, lot 9672.From the Anthony J. Taraszka Collection. Earlier from our (Bowers and Merenas) Rarities Sale of August 1998, lot 349. The plate coin for the die variety in the book United States Ten Dollar Gold Eagles: 1795-1804 by Anthony J. Taraszka.
