1799 Capped Bust Right Eagle. BD-2, Taraszka-14. Rarity-5+. Small Obverse Stars. MS-61+ (NGC). <strong>Type and Style:</strong> Type II: Capped Bust Right, Heraldic Eagle. Style VI: Head of 1795 with 13 small 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.<p><strong>Die Variety:</strong> BD-2, Taraszka-14, Breen 2-A, HBCC-3183. This variety represents the only use of this obverse die in the Capped Bust Right eagle series and the second of four uses of this reverse die. The obverse is identifiable by a wide date spaced 179 9. Star 9 does not touch the letter Y in LIBERTY, and star 13 is also well away from the end of the bust. A loupe reveals numerous tiny rust pits on Libertys cheek and neck, the most prominent of which are concentrated around the curl in front of the ear. On the reverse, the lowermost arrow head is under the extreme left edge of the letter N in UNITED, a leaf tip just touches the center of the letter I in UNITED, the lowermost berry is centered under the final letter A in AMERICA, a faint, jagged die line originates at the border above the right edge of the letter O in OF, bisects that letter and terminates at cloud 5, and there are small die rust lumps between the letters UN in UNITED and within the top of the N.<p><strong>Die State:</strong> BD Die State d/c-d. This is the latest known die state of this variety. The obverse exhibits several cracks, the most prominent of which originates at the border above the letter L in LIBERTY, continues along the back of that letter and through Libertys cap before terminating in the hair curls behind the ear. There is considerable crumbling associated with this crack, especially at and above the letter L in LIBERTY and within the cap, and a cud has formed along the back of that letter. A second, much lighter crack parallels this primary crack to its left before joining it within the cap, while a third crack starts at the border above the letter R in LIBERTY, joins the tops of the letters TY and terminates at the uppermost point of star 9. On the reverse, the noncontiguous rust-like break within the letter C in AMERICA, through the adjacent A, the eagles left talon, the stem end and tail feathers inherited from the 1799 BD-1 pairing has now expanded and passes through the arrow butts to the border. Another crack has formed from the right border, into the second feather below the top of the eagles left wing tip and continuing in an irregular fashion through the vertical stripes in the shield. Additionally, this coin shows a crack from the border to the upper left of the letter M in AMERICA and through the tops of the letters MER which nearly qualifies it for the full Die State d attribution of this reverse (see next lot).<p><strong>Estimated Mintage for the Issue:</strong> The conventionally accepted mintage has been 37,449 coins for the 1799 Capped Bust Right eagle issue, based on Walter Breens assumption that all of the coins delivered between May 14, 1799, and September 4, 1800, were from 1799-dated dies. After careful study, Dannreuther provides a revised range of 31,750 to 46,250 pieces produced, the lower estimate allowing for the possibility that some 1797 BD-3 and/or BD-4 coins were included in Breens 37,499-piece mintage, and the upper estimate allowing for the possibility that some 1799-dated eagles were also included in later deliveries.<p><strong>Estimated Mintage for the Variety:</strong> Dannreuther estimates that 1,500 to 2,000 examples were coined from the 1799 BD-2 dies.<p><strong>Estimated Surviving Population for the Variety:</strong> Only 35 to 45 coins are believed extant in all grades (per Dannreuther).<p><strong>Strike:</strong> This is a generally sharp example with the central design elements near-fully defined. A concentration of light adjustment marks (as made) within Libertys hair behind the ear explains the minor lack of detail both in that area and at the junction of the eagles breast and shield on the reverse. The dentils are uniformly bold around both sides.<p><strong>Surfaces: </strong>Highly lustrous and satiny, the reverse also exhibits modest semi-prooflike reflectivity in the field under a strong light. Bright golden-yellow color dominates, with subtle rose undertones evident to the persistent viewer. A bit of light scuffing to the obverse is all that precludes a higher grade, although the reverse easily justifies the same on its own.<p><strong>Commentary: </strong>BD-2 is the second variety of 1799 eagle produced, a sequence that we know with certainty because the two varieties share the same reverse die. The earliest die state of BD-2 inherited its reverse die state from the 1799 BD-1 marriage, as above. This is the most readily available of the four varieties that use this reverse die, although survivors are still scarce in an absolute sense. As with BD-1, the early break up of the obverse die explains the elusiveness of BD-2. Relatively few coins were struck before the obverse die deteriorated to the point where it had to be replaced, the terminal state nicely illustrated by the offered coin. Once again, however, the reverse die soldiered on and struck more coins with two additional obverse dies. The late die state makes this a particularly significant offering for early eagle variety collectors. It is also a beautiful Mint State example of the type that would make a lovely addition to a collection where a single high grade Capped Bust Right, Heraldic Eagle ten is required. PCGS# 98562. NGC ID: 2624. From the Harvey B. Jacobson Jr. Collection. Earlier from our Baltimore Auction of March 2011, lot 6689.
