1795 $10 BD-1, 13 Leaves MS(PCGS#45710)

The Minot Collection

Auctioneer

Stack's

Lot Number

4291

Grade

MS63

Price

402,500

Lot Description

1795 Bass-Dannreuther-1, Taraszka-1. Rarity-3+. Small Eagle, 13 Leaves Below Eagle. MS-63 (PCGS)(CAC). The first variety of the first year of issue of America's largest denomination gold coin. Tracing its pedigree to the fabulous Gaston DiBello Collection sold by us in 1970, and later in our offering in Auction '83, this magnificent coin of near gem classification is one of the very finest in existence. The cataloguer (QDB) and staff agree that the MS-63 grade seems conservative, and that the coin has the appearance of a higher preservation, challenging the gem level. The Certified Acceptance Corporation (CAC) has examined this coin and has given it a green label, indicating that is Premium Quality. Launched early this year by John Albanese and associates, CAC gives another opinion as to the overall numismatic desirability of already-certified coins. The CAC imprimatur has been accepted by connoisseurs and leading dealers and is highly respected. This remarkable coin can be evaluated in several different ways, each of which is important to determining its overall importance and, ultimately, its value. As to its status, it is the first variety of the very first year of America's largest gold denomination at the time. As such, it is the ultimate "type coin," a showpiece with unsurpassed historical and numismatic significance. In his Encyclopedia (1988) Walter Breen states that an example of this die variety was preserved by Adam Eckfeldt for eventual presentation to the Mint Cabinet (formed in July 1838), and another was given to President George Washington and was kept at his estate in Mount Vernon. As to the numerical grade of MS-63, as noted we believe this to be quite conservative. As even a quick glance will confirm, it compares favorably with some other gold coins of the 1790s certified as MS-64 or even MS-65. The planchet quality is superb. Many gold and silver coins of the 1790s have adjustment marks cause by filing the planchets to trim the weight. The present coin has none. This is a very important aspect to consider, as the certification services do not take such marks into consideration, with the result that many silver and gold coins of this era certified as MS-64 or MS-65 have adjustment marks, sometimes extensive. Sharpness of strike is another aspect not considered by the services. The present coin is very well struck indeed, far finer than often seen. The dentils are full on both sides, with most (but not all) being very bold. The hair details of Miss Liberty are above average, with most having minute details, and the stars are as nice as can be found on an eagle of this year. The eagle is very well struck, with all wing feathers having needle sharp definition, as well as most neck and breast feathers (cut into shallow relief in the die). The veins can be seen in the leaves of the laurel wreath, and the palm branch is well delineated. This design is particularly attractive, was used only for a few years, and was inspired by an ancient onyx cameo. To the preceding can be added superb eye appeal. Even the most seasoned collector or dealer will find this coin to be of extraordinary beauty. In the long run this may be the most important aspect of all. Add all of the preceding together, and you have an opportunity that is truly remarkable. The First $10 Gold Eagle Design The first $10 gold eagles were struck in September 1795, soon after the initial coinage of half eagles (July). The motif is attributed to Chief Engraver Robert Scot. The obverse illustrates Miss Liberty facing right, wearing a cloth cap, the Guide Book's "Capped Bust to Right" style. The star count is 15, arranged 10 along the border behind the head and 5 at the right-side border in front of the head, popularly "5 stars facing." The reverse depicts an eagle perched on a palm branch, holding a wreath aloft in its beak, the "Small Eagle reverse" as it is known. The inscription UNITED STATES OF AMERICA surrounds. Both obverse and reverse of the 1795 eagle are the same general design as the 1795 half eagle. The total mintage of the 1795-1797 $10 with the Small Eagle reverse is probably fewer than 14,000 coins, although the exact figure may never be known, as in the early years the Mint did not keep strict accounting of calendar year mintage vis-à-vis the dates actually appearing on the coins. Provenance: From our Auction '83, July 1983, Lot 861; earlier from our sale of the Gaston DiBello Collection, May 1970, Lot 1020.