1804 Capped Bust Right Eagle. BD-1, Taraszka-31. Rarity-4+. Crosslet 4. MS-61 (NGC). <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 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.<p><strong>Die Variety:</strong> BD-1, Taraszka-31, Breen 1-A, HBCC-3201. This variety represents the only use of this obverse die and the first of two uses of this reverse die. The obverse exhibits a crosslet 4 in the date, easily distinguishing this circulation strike variety of the 1804 eagle from its Proof counterpart (BD-2) from a die made in 1834 with a plain 4 in the 1804 date. A concentration of die polish lines is evident between the end of Libertys bust and the border, and there are several small die rust lumps around the letters ER in LIBERTY. Additionally, the die is slightly buckled in the field areas behind the Liberty cap and around the upper right of Libertys portrait below the letters BER in LIBERTY. On the reverse, the first letter T in STATES is repunched at its base, there is a berry below the left center of the final letter A in AMERICA, a leaf point in the olive branch points between the letters RI in AMERICA, and there is a tiny die rust lump within the top of the space between vertical stripes 4 and 5 in the shield. This die was later used in the extremely rare 1803 BD-6 pairing, a backdated variety.<p><strong>Die State:</strong> BD Die State b/b. This is the later of only two known die states of this variety. The obverse is lightly cracked through the digits 180 and stars 1 and 2 with additional light cracks from the border to star 11 and from the end of Libertys bust to star 13. The reverse is also lightly cracked in two places: through the letters UNITE in the word UNITED and from the letter U in the same word through the bottom of the eagles tail to the final letter A in AMERICA.<p><strong>Estimated Mintage for the Issue:</strong> The <em>Guide Book</em> and other numismatic references have long provided a mintage figure of 3,757 coins for the circulation strike 1804 eagle. This total is based on Walter Breens assertion that all 3,757 eagles that the Mint delivered from December 28 through 31, 1804, were examples of this issue. Based on reverse die state progression, however, we now know that the 1803 BD-6 variety was struck after the 1804 BD-1, so Breens figure of 3,757 coins must include some examples of the backdated 1803 variety. Accordingly, Dannreuther provides a range of 2,500 to 3,757 coins struck for the circulation strike 1804 eagle.<p><strong>Estimated Mintage for the Variety:</strong> Since there is only a single die variety known for the circulation strike 1804 eagle, the estimated mintage for the variety is the same as that for the issue.<p><strong>Estimated Surviving Population for the Variety:</strong> Eighty to 100 coins are believed extant in all grades (per Dannreuther).<p><strong>Strike:</strong> Virtually all known circulation strike 1804 eagles are softly defined to one degree or another. The present example is nicely centered on the planchet with full denticulation around both sides. The design elements show a remarkable degree of sharpness for the issue and, in fact, the only mentionable softness affects the eagles right talon, opposite the high point of Libertys cap. There are only minor adjustment marks (as made) on the obverse, and this is clearly a superior 1804 eagle in terms of striking quality.<p><strong>Surfaces:</strong> Lustrous with attractive golden-orange color and, at the borders, light reddish-rose iridescence. Several marks are noted, especially for the obverse, but while these help to explain the MS-61 grade from NGC, none are singularly distracting.<p><strong>Commentary:</strong> By order of President Thomas Jefferson, the Mint halted $10 gold eagle production on December 31, 1804. Rising bullion prices, which also affected the silver dollar, resulted in most newly minted eagles being exported and melted for their precious metal content. No more circulation strikes of this denomination were produced before 1838, in which year eagle coinage resumed using Christian Gobrechts Liberty Head design. There would, however, be one final Capped Bust Right eagle issue, the Proof novodel 1804 Plain 4 (BD-2) struck during the 1830s for inclusion in special presentation coinage sets.<p>Interestingly, the 1804 BD-1 is not the last variety of circulation strike Capped Bust Right eagle produced. That honor goes to the 1803 BD-6 variety, as above, although the entire mintage of the 1804 BD-1 is still included in the Mints final delivery of 3,757 coins for this denomination from December 28 to 31, 1804. Exactly what forced Mint employees to retire the 1804-dated obverse die and briefly reinstate its 1803-dated counterpart remains a mystery since there are no terminal obverse die state coins known for the 1804 BD-1 variety.<p>Long heralded as a key date issue in its series, the 1804 is one of the most eagerly sought circulation strike Capped Bust Right eagles. This is the only die pairing of the issue, which means that as a date the circulation strike 1804 is considerably rarer than other multi-variety issues in this series such as the 1799 and 1803.<p>At the Mint State level of preservation, as here, the 1804 is a noteworthy rarity from a condition standpoint. More so than many other dates of this type, the 1804 is usually encountered damaged, cleaned or otherwise significantly impaired.<p>Associated by date with the famous Proof 1804 Class I Draped Bust silver dollar and Proof 1804 Plain 4 eagle struck in 1834 - two of the classic rarities in U.S. numismatics - and a scarce variety in its own right, the inclusion of an 1804 BD-1 eagle has long been the mark of a significant collection. As one of the finest certified survivors, this lovely Mint State example would serve as a highlight in the most advanced cabinet. PCGS# 8566. NGC ID: BFYU. NGC Census: 10; 12 finer (MS-64 finest). From the Harvey B. Jacobson Jr. Collection. Earlier from Heritages FUN Signature Auction of January 2011, lot 5188.
