Lot 1275
1798/7 $10 Capped Bust. 9 stars left, 4 right. NGC graded MS-61 PQ. In NGC holder 1785837-008. 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, enough recent appearances seem to support a population of closer to 100 rather than Breen's suggested 18-20 known (per his Encyclopedia). However, most of those known are circulated examples, unlike this 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. Of course, with so few known in Mint State, there have only been a few auctioned over the years. Pop 5; 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.
The total mintage of 842 1798/7 capped bust eagles makes this the rarest of the capped bust eagles by mintage. Both obverse dies broke early, likely accounting for the cessation of production after so few were made, according to Breen.
Estimated Value $100,000 - 120,000.
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| Realized $138,000 |
