1797 Capped Bust Right Eagle. Heraldic Eagle. BD-2, Taraszka-8. Rarity-4+. AU-58 (PCGS). CAC. OGH--First Generation.

This thoroughly PQ, visually appealing example possesses the desirable originality that is becoming increasingly rare in early U.S. Mint gold coinage. Rich reddish-honey color blankets surfaces that exhibit the somewhat "crusty" appearance that gold enthusiasts find so appealing. Beneath that lies abundant mint luster that is full on the reverse and broken in only a few isolated areas on the obverse (explaining the near-Mint grade from PCGS). In fact, were it not for a trace of rub to the high points of Liberty's portrait and minor friction in the open field areas on the obverse, this coin would certainly be in a Mint State holder. Sharply to fully defined overall with an ideally centered, impressively well executed strike. There are no adjustment marks, and no post-production marks of note. BD Die State b/c. Bass-Dannreuther 2 is the first of three die marriages that the Mint used to strike 1797 Capped Bust Right eagles of the newly introduced Heraldic Eagle reverse type. It is Style 1 of this type; the head punch is the familiar Draped Bust motif from Robert Scot's original hub of 1795, but the reverse is from a John Smith Gardner hub with a long thin neck to the eagle. This is the only die variety of this style. The remaining two marriages of the 1797 Heraldic Eagle display reverse eagle punches that, although they are also from Gardner hubs, are characterized by long thick neck (BD-4) and short thin neck (BD-3) eagles. The estimated mintage for this issue as a whole is in the range of 8,750 to 12,500 pieces. BD-2 vies with BD-4 as the most plentiful variety of the issue, although with no more than 100 coins believed extant (per John W. Dannreuther, 2006), the scarcity cannot be denied. Early eagles as a group are scarce and Mint State survivors are even more elusive, making this an important bidding opportunity worthy of serious consideration. This coin represents the typically encountered obverse die state of the 1797 BD-2 variety, identifiable by prominent die cracks through the second digit 7 in the date. The base of that digit is joined to the border by a single prominent crack, which has now developed into a small cud. There are two cracks within that digit, the left crack continuing only to the lower serif while the right crack, with die crumble evident, continues through the top of the 7 to the base of Liberty's bust. The latest reverse die state of this variety known to Dannreuther is Die State b, with a rust lump on top of the second letter T in STATES. The author, however, does write: "State c, terminal, may exist, as this is the only use of this die." The present example is in a later state than known to Dannreuther when he created his book in 2006, and we have attributed it as Reverse Die State c. The die has been lapped, removing the rust lump on top of the second letter T in STATES, thinning some of the letters in the legend UNITED STATES OF AMERICA, removing the tiny die rust lumps in the field between the words STATES and OF and the sharp spike-like projection from the second denticle to the left of the letter O in OF, and truncating many of the dentils, especially those along the upper border. In particular, the dentils above the letter E in STATES are noticeably shorter and weaker. The die crack between the words STATES and OF to cloud 5 is bolder than seen on the Die State b example offered above, and it extends faintly into the star field.

PCGS# 8559. NGC ID: 25ZY.

From the Andrew M. Hain Collection.

Estimate: $ 35000