1803 Capped Bust Right Eagle. BD-4, Taraszka-29. Rarity-6. Small Reverse Stars. AU-58 (PCGS). <strong>Type and Style: </strong>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.<p><strong>Die Variety: </strong>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 <em>Guide Book</em> variety on which the right upright of the letter E in STATES is centered over a space between two clouds.<p><strong>Die State: </strong>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 RICA in AMERICA, from the eagles right talon to the base of the letter U in UNITED, and from the eagles tail at right curving to the border.<p><strong>Estimated Mintage for the Issue:</strong> 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 <em>Guide Book</em> variety and 6,038 coins for the BD-5 Large Reverse Stars, Extra Star die pairing. Most numismatic references, including the <em>Guide Book</em>, 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.<p><strong>Estimated Mintage for the Variety:</strong> Dannreuther estimates that 1,250 to 1,750 examples were coined from the 1803 BD-4 dies.<p><strong>Estimated Surviving Population for the Variety:</strong> Only 25 to 30 coins are believed extant in all grades (per Dannreuther).<p><strong>Strike:</strong> A generally bold example with the sharpest detail noted throughout much of Libertys hair, along the right obverse border, and throughout the eagles wing feathers. The stars along the left obverse border are largely flat, and numerous crisscrossing adjustment marks (as made) in and above the central reverse have interfered with the strike in those areas.<p><strong>Surfaces:</strong> A reflective semi-prooflike coin, both sides are enhanced by vivid color in a blend of orange and greenish-gold. The surfaces display only wispy handling marks and a trace of light rub to explain the Choice AU grade from PCGS.<p><strong>Commentary:</strong> While not in the same rarity league as BD-2 and BD-6, BD-4 is a very scarce die marriage that is among the more challenging to acquire for the 1803 eagle. It is rarer than BD-1, and far rarer than BD-3 and BD-5. This is one of only two die varieties in the early eagle series that is not represented in the Harry Bass Core Collection, although Bass did own an example of BD-4 that was sold in error as lot 1313 in our (Bowers and Merenas) Bass II Sale. The scarcity of this variety results from the early demise of the reverse die due to clashing and cracks. A desirable near-Mint early eagle irrespective of date or die pairing, this coin would be perfect for a high quality type or variety set. PCGS# 8565. NGC ID: 2629. From the Harvey B. Jacobson Jr. Collection. Earlier from Heritages CSNS Signature Auction of April 2014, lot 5767; Don Hosier, 2014.
