1803 Capped Bust Right Eagle. BD-5, Taraszka-30. Rarity-4+. Large Reverse Stars, Extra Star. MS-62 (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 large 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-5, Taraszka-30, Breen 1-E, HBCC-3199. This variety represents the fifth 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 due to the presence of a tiny extra star within the final cloud. This feature is fully discernible on the present example. On some coins, however, the star is faint to absent due to striking deficiencies and/or wear. On such pieces, the space between the eagles left talon and the final letter A in AMERICA confirms the Extra Star reverse and, by extension, the BD-5 attribution. On the only other Large Reverse Stars variety of the 1803 eagle, BD-6, the eagles left talon is joined to that letter.Die State: BD Die State g/a. This is the earlier of only two known die states for this die marriage. When Mint personnel retired the extensively clashed and badly cracked reverse die of the 1803 BD-4 pairing, they also relapped the obverse die to remove all but the barest trace of clashing between the top of Libertys cap and the letter L in LIBERTY. This is the only known die state for the 1803 BD-5 variety. The reverse is in its early state with no clashing, lapping or cracks. In its later state (Die State b), this reverse would develop a crack from the lower edge across the eagles tail and along the outside of the shield to the center of the wing. Presumably this crack eventually resulted in the failure of this reverse die and its retirement.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 3,000 to 5,000 examples were coined from the 1803 BD-5 dies.Estimated Surviving Population for the Variety: Ninety to 110 coins are believed extant in all grades (per Dannreuther).Strike: On this impressive coin, the strike is sharp to full over virtually all elements of the design. Additionally, the impression is ideally centered on both sides, the borders fully and uniformly denticulated. Softness of detail is minor and generally confined to the eagles right talon and the stars above the eagle, the latter typical of most survivors from the 1803 BD-5 dies that we have handled. Several light adjustment marks (as made) over the top of Libertys portrait did not strike out, although the detail to the cap and hair strands remains full.Surfaces: This is a beautiful coin, offering premium quality for the assigned grade and not all that far from Choice Mint State. Both sides display vivid golden-orange patina and intense satin luster. Overall smooth and visually appealing, there are a couple of tiny planchet voids in the obverse field before Libertys neck and a few faint drift marks on the reverse at the letters IT in UNITED and the eagles right wing. These features are as made.Commentary: The 1803 BD-5 is one of the most readily attributable and eagerly sought varieties in the entire Capped Bust Right eagle series of 1795 to 1804. Although this die marriage had been confirmed prior to that time, Harry W. Bass, Jr. appears to have been the first numismatist to notice the extra star feature on the reverse when he acquired an example in 1966. This discovery was the catalyst that launched Harry into his career of die studies of gold coins from 1796 to 1834. The extra star is much smaller than those used in the primary obverse and reverse designs, so it seems likely to some observers that it was added to the reverse intentionally by a Mint employee as a way to identify this die. This is only a theory, however, and as Dannreuther so eloquently puts it, This is another early gold mystery that defies explanation.With 90 to 110 coins believed extant, BD-5 ranks behind only BD-3 as the second most frequently encountered die marriage of the 1803 eagle. As a perusal of our past sales makes clear, however, the finest examples typically offered in todays market are certified AU-58. As a solidly graded and aesthetically pleasing Mint State survivor, the coin offered here is rare from a condition standpoint and would serve as a highlight in the finest type or variety set.From the Anthony J. Taraszka Collection. Acquired from Mid-American Rare Coin Galleries at the Detroit ANA Convention, August 1994. The plate coin for the die variety in the book United States Ten Dollar Gold Eagles: 1795-1804 by Anthony J. Taraszka.
