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Sale 78
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Lot 1825
1798, 8 over 7. Star 9x4. NGC graded MS-61. Boldly struck with prooflike surfaces on both sides. Only 900 struck. Very well struck on a completely problem-free planchet and loaded with flashy mint luster. The surfaces are golden-orange and deepen slightly within the devices. Identifiable fine lint line on the neck. A beautiful Premium Quality early eagle and thus our PQ designation.
Long considered to be very rare, recent appearances seem to support this with a population of about 100 (rather than Breen's suggested 18-20 known (per his 1988 Encyclopedia, much of the information of which was gathered in the 1970s). Of those that are known, the majority are circulated examples, unlike the lovely Mint State coin here. This particular variety is known for having a fine hairline-thin die break from the rim below the date to a point just opposite the end of the bust. It stands to reason that with so few known in Mint State (see below) there have only been a few auctioned over the years. Pop 5; 3 finer, 2 in 62, 1 in 63. (PCGS # 8560) .
Historic note: Minor change came with the eagles of 1798. The expansion of the Union was at such a pace as to threaten to overwhelm coinage designs in the future if a star was added to the design for each new state. This led the Mint director to order a standardization of stars to 13 (for the original Colonies), beginning in 1798 on the eagle.
Two arrangements of stars are found in 1798, one die with nine left and four right, and one die with seven and six. All of the 1798 eagles are actually overdates: 1798/7, with the 8 punched into the die over a 7. No perfect date 1798 capped bust eagles are known.
Beginning with coins dated 1797, the Heraldic Eagle reverse (first used in the gold series on the 1796 $2.50, although an anachronistic $5 of 1795 must be mentioned) was mated to the obverse style used earlier. In keeping with silver and other gold denominations of the 1800 period, the reverse, adapted from the Great Seal of the United States, depicts an eagle with a shield on its breast, holding in its talons a bundle of arrows and an olive branch and in its beak a ribbon inscribed E PLURIBUS UNUM. A galaxy of stars and an arc of clouds is above. The inscription UNITED STATES OF AMERICA surrounds. There is no mark of denomination or value.
The obverse was carried over from the 1795-1797 style, except that the star configuration varies on certain issues. No eagles were struck after 1804, as it was felt that because of rising bullion prices the pieces would be melted or exported as soon as they were released. For all $10 gold coins with the Heraldic Eagle reverse, business strike mintage totaled an a mere 119,248 pieces. It seems that many if not most either were melted by bullion speculators in the early 19th century, or were shipped overseas, primarily to Europe, where they met a similar fate. The Treasury Department realized that continuing coinage of $10 coins would be pointless, and for this reason coinage was halted in 1804.
Estimated Value $120,000 - 130,000.
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