Lot 2054
1795 $10 Capped Bust. 9 leaves below eagle. . Tar-3. PCGS graded MS-60. This is the Breen Encyclopedia plate coin for his number 6831, and has a famous pedigree which is listed below. On the obverse, we note several low areas which the dies did not manage to fill when this coin was struck, and this is evidence of an improperly rolled planchet. These are located around the second star and into the field above and near the rim opposite the thirteenth star. As noted in the 1794 silver dollar description in this sale, the first batches of silver and gold were not that pure, and had to be refined at the Mint. This process was very difficult, and the equipment and training were not fully up to the task. Hence, many early planchets are defective (see the 1795 BB-13, B-9 silver dollar in this sale as well) and even after their best efforts, planchets could still show preparation problems as seen here, with small low areas in the fields, streaks or planchet splits or defects. Other 1795 9 leaf eagles show similar planchet problems and it is likely that this consignment of gold was difficult to refine and roll into blanks, causing these planchet problems. This planchet was a bit too heavy, so the excess gold was removed by adjusting the planchet with a file, and light adjustment marks can be seen with a glass on Liberty.
As if it wasn't enough to have problem planchets, the reverse die used to strike this coin shows signs of high stress, despite what had to be a very low mintage. Note how the die is sinking (bubbles in the die steel) around the first T of STATES at the top, below and right of the first A in AMERICA, and below the second leaf point counting from the right to the rim where a wavy crack has formed, and a circular crack is located touching the leaf point. As noted scholar Walter Breen stated in the New Netherlands 55th Sale on the 9 leaf in the Cicero Sale….
"Rarity of the variety is difficult to explain; probably the reverse die breaks advanced rapidly, and in general heavy die breaks on gold are not found because the dies were often inspected and quickly condemned when breaks were found. Gold was far more a public relations item for the U. S. Government than silver or copper, and care was taken to avoid die breaks or blunders on gold as never on lower denominations."
We agree with Breen, and suspect that the reverse die did fail as the bubbles in the reverse die failed rapidly, causing large lumps on the first T of STATES and below the first A of AMERICA as noted, possibly under the branch too. As always, the early days at the Mint posed many problems, and working with defective planchets, lousy equipment and in poor working conditions didn't help. 1795 is the first year of issue, and this is certainly rarest die pairing of the year with approximately 15 known (See Anthony Taraszka's excellent reference on eagles for a list, or the Breen Encyclopedia). PCGS has only graded a single example as MS-60 (this one), and 6 are graded higher (best MS-63). An exceptional rarity that is seldom offered.
Estimated Value $100,000 - 125,000.
This is the Granberg-Wooden-Newcomer-Black coin, ex: Auction '90, David Akers, 8/1990:1916.
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