1797 $5 BD-3, Small Eagle, 16 Stars MS(PCGS#519865)

August 2017 ANA U.S. Coins Auction Denver, CO

Auctioneer

Stack's Bowers

Lot Number

2176

Grade

AU53

Price

117,500

Lot Description

Rare 1797 BD-3 Half Eagle Small Eagle, 16 Stars Variety 1797 Capped Bust Right Half Eagle. Small Eagle. BD-3. Rarity-6. 16 Stars. AU-53 (PCGS). This handsome khaki-gold half eagle is warmly and evenly patinated. Both sides are well centered on the planchet with uniformly denticulated borders. Striking detail, otherwise bold, is blunt over the eagle's body on the reverse and within the hair behind Liberty's ear on the obverse. The surfaces exhibit a soft satin texture that is undisturbed by more than small, wispy handling marks, the only one of singular mention in the obverse field from star 9 to the back of Liberty's head. This example offers thoroughly appealing AU quality for this rare and highly desirable die marriage among early half eagles. BD Die State a/b-c, intermediate reverse die state with cracks from the eagle's tail to the left wing and from the lower border through the olive branch to the eagle's left leg. Historic, popular, and rare, the design of the 16 Stars variety of 1797 half eagle references the June 1, 1796 statehood of Tennessee. With 11 stars crowded to the left and five more on the right, this obverse die represented the denouement of each state receiving a star of recognition on the nation's coinage. The half eagles of 1798 returned to the 13 star arrangement, symbolizing the original states whose representatives signed the United States Constitution. The half eagles of 1797 are rare enough that all varieties receive a great deal of attention, but the 16 Stars design is distinctive to this year, making it particularly sought after. There are two Small Eagle varieties that share this obverse: this one, and the unique BD-4, a coin that spent over a century in the Byron Reed Collection before joining the Harry Bass Core Collection, where it remains. This obverse was also married to a Heraldic Eagle reverse to create another unique variety (BD-5); once sold in our (Stack's) 1955 Farish Baldenhofer auction, it found a permanent home among the Lilly Collection coins in the National Numismatic Collection. Bass-Dannreuther 3 is the only collectible die variety of the 1797 Small Eagle, 16 Stars half eagle. Although with only 20 to 25 coins believed extant (per John W. Dannreuther, 2006) it is undeniably rare in an absolute sense. This is an important bidding opportunity for the advanced early gold variety enthusiast that deserves serious consideration. PCGS# 8068. NGC ID: 25NF.