Lot 1884
1799 BD-4 Rarity 7. NGC graded AU-58. Well struck. Mostly untoned with reflective surfaces. Brilliant greenish gold with considerable luster remaining. The surfaces are surprisingly choice for the grade. A true example of quality. Sharply struck although not perfectly centered, the obverse border is wider and deeper at 12:00. A duplicate offering of this very rare variety. Full strike with complete rim dentils, some areas of which are more heavily stamped by the dies. Nice color and surface condition on this landmark early $10 Capped Bust Right Eagle.
Production rose to 37,449 coins for 1799, giving this issue of the second highest mintage for the series. While all of the obverse dies bear 13 stars arranged eight and five, two different star punch sizes were used; the resulting varieties are called Small Stars and Large Stars. The numerals in the date are spaced variously: Some coins have a Close Date, some a Wide Date, and others an Irregular Date. BD-4 has a close date. Ten die varieties are known for 1799, representing the combinations of five obverse dies and seven reverse dies which is unusual for such a limited mintage.
Historic Note: Eagles or $10 gold coins, the largest United States denomination authorized under the Mint Act of April 2, 1792, were not struck until 1795. A delay was caused until the chief coiner and assayer were able to post the high bonds, now somewhat reduced, required of them before striking precious metals.
For all $10 gold coins with the Heraldic Eagle reverse, 1798 to 1804, business strike mintage totaled an estimated 119,248 pieces. It seems that many if not most pieces 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 a futile exercise, and for this reason coinage was halted after 1804.
The Type Set buyer seeking one representative coin of the era will find that issues of 1799, 1800, 1801, or 1803 will be the most likely choices. Examples are typically found in Very Fine to About Uncirculated condition. Uncirculated pieces are scarce to rare.
Estimated Value $19,000 - 20,000.
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