Lot 1249
1797/5 $5 Capped Bust. Large eagle. NGC graded AU-58. In NGC holder 1808894-001. Well struck on a problem free planchet with slight friction on the highest points. Delicately toned with traces of mint luster in the protected areas around the devices. Identifiable by a minute chattermark directly above the cap, plus two small flakes, one above the tip of Liberty's nose, the other below the upright of the R in LIBERTY.
This very rare variety is the only use of the 7 over 5 overdate obverse for Large Eagle production. The key identifier is the 15 stars, but also the top of the 9 sits below the 7s. Since the other two 1797 Large Eagle varieties are unique, collectors will choose BD-7 both for its availability but also for the desirable overdate feature. The reverse is found with many spider cracks; this terminal state is coveted by die variety specialists, but any advanced collector will want to own a Large Eagle 1797 $5 gold piece in its own right if mainly for the rarity and bragging rights.
In the words of the 2004 ANR sale catalog: "The sharpness of this specimen is easily finer than the Bass duplicate, earlier from Eliasberg, which was sold in October 1999. That piece was graded AU-53 (PCGS) but showed substantial central weakness on both sides. The 1999 Bass appearance of the Eliasberg coin was the last public sale of this extremely rare variety. Indeed, Garrett and Dannreuther cite only this sale and four other sales since 1994 -- and it appears that two of those sales were of the same specimen. It is telling that in the last five years there have been two chances to buy an 1804 dollar at auction, one chance to buy a 1913 nickel, but no public sales of this rare major variety!" Estimated mintage of under 1000 with only 16-20 known in all grades. Pop 2; 1 finer in 61 (PCGS # 8077) .
Estimated Value $100,000 - 110,000.
Previously in ANR's sale, 11/2004.
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| Realized $109,250 |
