Lot 1271
1796 $10 Capped Bust. PCGS graded MS-62. Well struck on a somewhat porous planchet. Free from adjustment marks with excellent detail throughout. Struck in natural greenish color gold and lightly toned with traces of prooflike surface about the peripheries. Only 4,146 minted and many times rarer than the 1795 issue.
Just one die variety is known for the 1796 Capped Bust eagle. The obverse stars total 16, reflecting Tennessee's admittance as a new state, arranged 8 + 8. LIBERTY is positioned higher on the obverse than on the 1795 varieties, starting from the peak of Liberty's cap (farther left than on the 1795 coin) and ending adjacent her forelocks. The palm branch on the reverse now bears 11 leaves instead of 13 or nine as in 1795.
The coin exhibits even yellow gold with halos of deeper gold toning around legends and devices on this famed ex Byron Reed specimen. Somewhat reflective in the fields and retaining much of its original luster, though the fields on both sides show a smattering of tiny natural planchet chips, as struck and not affecting the grade. Very few marks, hairlines, or post-striking flaws are noted, indeed, none of the usual "bones buried in the garden" with this one, which is a major plus for potential bidders -- in large part this was a byproduct of the obviously safe storage this piece received in Omaha from the time of Byron Reed's death in 1891, shortly after his active participation in the 1890 Parmelee sale. We can only imagine Reed's feeling of self-satisfaction knowing this 1796 eagle graced his collection.
Most important when considering this coin, it is exceptionally well struck, as sharp as any 1796 eagle we have seen, with more than usual detail at the extreme central obverse and especially bold detail on the eagle. A harbinger of this is the fact the eagle shows the feathers on its neck. Now that is rare. Which makes this coin all the more special. The breast is nearly fully struck, again as nice as any we've seen. The Taraszka reference mentions this Reed coin in its listing of significant specimens, where it is cited as number 2. An important opportunity to acquire a fully provenanced and very bold specimen of a significant rarity, one of only 4,146 struck and, again, representing the only die variety of this date. Pop 3; 2 in MS-63 (PCGS # 8554) .
Estimated Value $170,000 - 190,000.
From Spink America's sale of the Byron Reed Collection, October 1996, Lot 151.
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