Lot 1274
1798/7 $10 Capped Bust. 9 stars left, 4 right. PCGS graded MS-62. In PCGS holder 10757716. Well struck with semi reflective surfaces on both sides. Some adjustment lines on the obverse. Highly lustrous. A wonderful coin.
The eagles of 1798 are rarely offered in Mint State grade at public auction, and we are very pleased to be able to offer this stunning Mint State 62 9x4 stars specimen. This lovely example shows the usual greenish-gold tint common to early tens. The obverse has a number of very shallow, horizontal adjustment marks. Because they are so shallow they could be mistaken roller marks (seen on much later issues such as Morgan silver dollars), but since they cover most of that side, and are present on both the devices as well as in the fields, they can only be adjustment marks. Needless to say, they do little to detract from the coin's gleaming overall quality because they are so trivial; nevertheless, we feel mention should be made for accuracy's sake. Slightly weak in the center of the obverse only, the reverse are well impressed everywhere, and there are no obvious or distracting marks or edge bumps that one could speak negatively about. All in all a spectacular 1798 9x4 stars Early Capped Bust Eagle. Pop 1; none finer at PCGS (PCGS # 8560) .
Historic note: Robert Scot's designs for this denomination copied those of the quarter eagle and half eagle. Liberty's fully shaped, draped and capped effigy continued from 1795-97; the heraldic eagle derived from that of the Great Seal of the United States, continued as on the other denominations with the same mistake: the warlike arrows are in the dexter or more honorable claw, outranking the olive branch for peace.
The Eagles of 1798 have only 13 reverse stars, evidently immediately following Mint Director Boudinot's decision to stop adding a new star for every new state.
The two great rarities of this period are the two varieties dated 1798/7. The two deliveries of [900] and [842], Feb. 17 and 28, 1798, are believed to comprise, respectively, Breen-6836 with stars 9 + 4, and Breen-6837 with stars 7 + 6. Coinage of eagles was interrupted thereafter until May 14, 1799. Early breakage of both obverse dies may have been why.
Estimated Value $220,000 - 240,000.
Breen-6836, BD-1.
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