1802/1 Capped Bust Right Half Eagle. BD-1. Rarity-4+. Centered Overdate. MS-65 (NGC). This magnificent jewel exhibits breathtaking beauty and undeniable condition rarity for this challenging early gold type. The surfaces are predominantly smooth with a delightful satin texture throughout. The strike is nicely centered on both sides and has brought forth sharp to full definition for even the most trivial design elements. An even overlay of warm medium gold patina rounds out an impressive list of physical attributes for this highly desirable Gem. It is one of the most pristine survivors of this issue and ranks as the sole finest graded by NGC. It sits just a single numeric point below the very finest known, the PCGS MS-66 specimen from the D. Brent Pogue Collection, which brought $211,500 in our September 2015 sale.<p>Though two different obverse dies were used to strike the half eagles of this date, both exhibit the 1802/1 overdate. The obverse of BD-1 shows what Bass and Dannreuther call the Centered Overdate, while the second obverse die (the High Overdate) is a little less obvious. This was probably the obverse die described by George A. Seavey in the <em>American Journal of Numismatics</em> in March 1869 as "1801 half eagle, 1 under 2." While 26,006 half eagles were delivered in 1801, all or nearly all were dated 1800. The two dies produced in expectation of an 1801-dated production remained shelved until 1802. In the latter year, the Mint produced 53,176 half eagles, most of which seem to have been coined from one of the two 1802/1 obverse dies. According to John W. Dannreuther (<em>Early U.S. Gold Coin Varieties: A Study of Die States, 1795-1834</em>, 2006), the BD-1 marriage produced 5,000 to 7,500 coins, survivors of which number only 75 to 100 examples in all grades. While this is a limited total in an absolute sense, it is sufficiently high to rank the 1802/1 BD-1 as one of the more frequently encountered die marriages in the Capped Bust Right half eagle series. Gems such as this are extraordinary condition rarities, however, as they are for all dates and varieties of this type. A fleeting and significant opportunity for the type collector with an uncompromising focus on quality and eye appeal.
