1803 Capped Bust Right Eagle. BD-4, Taraszka-29. Rarity-6. Small Reverse Stars--Misaligned Obverse Die--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-4, Taraszka-29, Breen 1-B, HBCC-Missing. This variety represents the fourth 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 die is easily attributable since it is the only one of the Small Reverse Stars Guide Book variety on which the right upright of the letter E in STATES is centered over a space between two clouds.Die State: BD Die State c-d/b. Struck from an earlier die state of this pairing, the obverse represents an intermediate state with no evidence of additional clashing (Die State c), although a light crack is evident along the top of the letters BERTY in LIBERTY (Die State d). Light clash marks from the horizontal stripes in the reverse shield within the strands of Libertys hair around the ear were inherited from the later state of the 1803 BD-3 marriage. For the reverse we note only light cracks between the letters RI and IC in AMERICA and from the eagles right talon to the base of the letter U in UNITED.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 1,250 to 1,750 examples were coined from the 1803 BD-4 dies.Estimated Surviving Population for the Variety: Only 25 to 30 coins are believed extant in all grades (per Dannreuther).Strike: This intriguing piece represents a major Mint error on an early U.S. gold coin. This eagle was struck from a misaligned obverse die on a flawed planchet. The obverse impression is off center approximately five percent to 11 oclock. There is scant denticulation along the upper left border, uncommonly broad, if somewhat soft denticulation along the lower right border. The error has resulted in blunt detail to the bottom of Libertys portrait and most of the stars, especially stars 1 to 5. Additionally, there is considerable roughness from the original planchet texture remaining around the periphery, most notably in the date area. The reverse is flawed and rough along the upper border, affecting the top of the letters in the words STATES and OF. Additionally, the tips of both of the eagles wings are blunt, as is the letter D in UNITED and several of the clouds above the star field. The best struck features are confined to the centers, where many of Libertys hair strands are bold and much of the eagles plumage is crisp. All major design elements are discernible despite the error, and the entire design is fully appreciable.Surfaces: Brilliant and attractive, both sides retain considerable semi-prooflike reflectivity in the protected areas around the stars, letters, date and other design elements. There are no post-production blemishes apart from wispy handling marks that are easily overlooked.Commentary: This is one of the most fascinating and significant coins in the Taraszka Collection. Major Mint errors on pre-1834 United States gold coins are exceedingly rare and seldom seen. The fact that this piece was struck from the scarce 1803 BD-4 dies enhances its appeal to advanced early gold variety specialists and Mint error enthusiasts. Sure to see spirited bidding at auction.From the Anthony J. Taraszka Collection. Earlier from our (Bowers and Merenas) Herbert D. Spencer Collection sale, June 1996, lot 1377. Plated in the book United States Ten Dollar Gold Eagles: 1795-1804 by Anthony J. Taraszka.
