1797 Capped Bust Eagle, Small Eagle : History & Value

By Charles Morgan and Hubert Walker for CoinWeek Notes …..
 

Simply 5 years after the founding of the United States Mint, the 1797 Capped Bust Eagle was already the third emission of the $10 gold denomination and had the excellence of being struck with two totally different reverse designs: the Small Eagle and the Heraldic Eagle.

One die marriage was deployed to strike the ultimate Capped Bust Eagle with the Small Eagle reverse. The coin kind had been in use since 1795 and was being up to date when the Mint was present process main rising pains. After the Small Eagle coinage wrapped up, three die marriages had been put into service to strike 1797 Capped Bust Eagles with the brand new Heraldic Eagle reverse; no less than a type of marriages struck 1797-dated cash in 1798.

Primarily based on Mint information, Walter Breen believed that 3,615 Small Eagle-type Capped Bust Eagles had been struck, primarily based on deliveries from March 25 to Could 2, 1797. The maths works out to 10,940 Heraldic Eagles dated 1797, with deliveries happening between June 7, 1797, and January 30, 1798.

Numismatist John W. Dannreuther proposes totally different estimates, with a possible mintage of between 1,250 and three,615 cash with the Small Eagle design and between 8,750 and 12,500 items whole for all 1797-dated Eagles.

What Is the 1797 Capped Bust Eagle Value, and Why Is It Vital?

PCGS founder David Corridor was typically quoted as saying that early $10 gold cash are the “beachfront property” of numismatics. These perennially widespread cash are definitely uncommon and alluring. On the time of their hanging, the gold eagle was the very best denomination gold coin issued by the United States. Within the 18th century, $10 was fairly a bit of cash, and whereas these cash had been seldom utilized in day-to-day commerce, they had been closely exported to pay for imported items from Europe. The Capped Bust Eagle with the Small Eagle reverse can be an exquisite coin with designs that change barely from one die to the following because of the primitive nature of the Mint’s coin manufacturing know-how on the time.

The 1797 Capped Bust Eagle is accessible within the higher tier of circulated grades, in impaired states of presentation, and in Mint State. Not like a few of the earlier problems with this sort, no examples of any 1797 Capped Bust Eagle selection are identified to exist in grades finer than MS63.

The worth of the 1797 Capped Bust Eagle with the Small Eagle reverse has elevated over the previous 10 to fifteen years. Even within the decrease identified grades, this sort is seldom supplied at public sale and often instructions costs approaching $100,000 per coin or extra. Based on the NGC census, the best identified coin is the Beldon Roach – Amon Carter, Sr. specimen, graded MS63. At PCGS, the Harry W. Bass, Jr. Core Assortment specimen in MS62 is a number one candidate for his or her best identified instance.

Figuring out the variability doesn’t require seeing the reverse, because the 16 stars on the obverse die had been specified by an uncommon 12×4 alignment, with the primary star on the left facet touching the date. In most identified examples, a outstanding die crack is current from the rim under the sixteenth star, progressing up at a diagonal to Liberty’s neck.

* * *

1797 Capped Bust Eagle, Small Eagle Market Knowledge and Noteworthy Specimens

Prime Inhabitants: PCGS MS62 (1, 11/2024), NGC MS63 (1, 11/2024), and CAC AU58 (1:0 stickered:graded, 5/2024).

• NGC MS63 #1562003-001: “The Belden Roach Assortment,” B. Max Mehl, February 1944, Lot 309; Amon Carter, Sr; Amon Carter, Jr.; “The Amon Carter Household Assortment,” Stack’s, January 1984, Lot 730; “The Ohringer Household Belief Assortment,” Ira & Larry Goldberg Auctioneers, September 2008, Lot 1272; Ira & Larry Goldberg Auctioneers, September 2010, Lot 2962; Ira & Larry Goldberg Auctioneers, January 2011, Lot 2174; Heritage Auctions, January 10, 2013, Lot 5897 – $293,750; Heritage Auctions, August 2013, Lot 5872 – Handed. Die crack under star 16. Nearly upright diagonal adjustment marks throughout face. Planchet void to the fitting of stars 5 and eight. Raised die line under department. Diagonal scratch (strikethrough?) under the fitting wing.
• PCGS MS62 #46092776: “The Grant Pierce Assortment,” Stack’s, Could 1965, Lot 1432; RARCOA, bought privately on February 3, 1975; “The Harry W. Bass Jr. Core Assortment, Half IV,” Heritage Auctions, August 10, 2023, Lot  9067 – $360,000. Bass novelty insert. Die crack under star 16. Nearly upright diagonal adjustment marks throughout face. Deep tick on neck left of two smaller ticks. Orange coloration underneath BERTY. Tiny ticks within the higher left obverse discipline. Three ticks to the fitting of Liberty’s mouth. Orange coloration underneath ATE… O… and AME. 
• NGC MS62 #1785807-009: “The Farish Baldenhofer Assortment,” Stack’s, November 1955, Lot 1431; “John A. Beck Assortment,” High quality Gross sales Company, January 1975, lot 486; “The Harry W. Bass, Jr. Assortment,” Bowers and Merena, October 1999, Lot 1304. As NGC MS61 #586602-012. “The Ketring Household Assortment,” Heritage Auctions, July 28, 2003, Lot 10411 – $184,000; As NGC MS62 #1785807-009. “The Franklinton Assortment,” American Numismatic Rarities, August 2006, Lot 1527 – $276,000. Upgraded by one level; Stack’s Bowers, August 2020, Lot 1272 – $300,000. Die crack under star 16. Nearly upright diagonal adjustment marks throughout face. Elbow-shaped marks behind cap. Tiny tick on jaw.
• NGC MS62 #1648130-015: New England Uncommon coin Auctions, July 1979, Lot 281; Bowers and Merena, November 2002, Lot 3341; “The North Shore Assortment,” Heritage Auctions, January 7, 2004, Lot 3054 – $126,500; Stack’s Bowers, March 2020, Lot 3236 – $220,000 Reserve Not Met.
• PCGS MS61 #25673077: Bowers and Merena, March 1989, Lot 670. As NGC MS61 #2200278-003. “The Music Metropolis Assortment,” Heritage Auctions, April 23, 2015, Lot 5378 – $176,250. As PCGS MS61 #25673077. “The Richard W. DeRobertis Assortment,” Heritage Auctions, August 10, 2016, Lot 4306 – $258,500. The Tyrant Assortment. Die crack is simply forming under star 16. Mark overlaps. Spot to the fitting of Liberty’s nostril. Two ticks within the left discipline to the fitting of star 7. Gentle adjustment marks on the reverse. Two skinny scratches kind a > within the left reverse discipline.
• PCGS MS61 #31529827: Goliad Company (Mike Brownlee), by sale, September 1978; “The D. Brent Pogue Assortment, Half II,” Stack’s Bowers / Sotheby’s, September 30, 2015, Lot 2094 – $440,625. Pogue novelty insert; “The Bob R. Simpson Assortment, Half XII,” Heritage Auctions, Could 9, 2024, Lot 4578 – $288,000. Simpson novelty insert. Die crack under star 16. Nearly upright diagonal adjustment marks throughout face.
• PCGS MS60 #9964526: “The Main William Boerum Wetmore Assortment,” S.H. & H. Chapman, June 1906, Lot 30; “The New Orleans Assortment,” Heritage Auctions, April 2015, Lot 5377 – $211,500; “The Riverboat Assortment of Early Eagles,” Heritage Auctions, February 9, 2023, Lot 3826 – $222,000. Die crack under star 16. Nearly upright diagonal adjustment marks throughout face. Darkish gold and violet highlights.

• PCGS AU58+ #46092775: Stack’s, February 1968, Lot 30; Public sale ’81, RARCOA, Lot 455; “The Harry W. Bass, Jr. Core Assortment, Half II,” Heritage Auctions, January 5, 2023, Lot 9059 – $204,000. Bass novelty insert. Die crack under star 16. Nearly upright diagonal adjustment marks throughout face.
• PCGS AU58 #50069971: (presumably) “The Alto Assortment,” Stack’s, December 1970, Lot 320; Superior Galleries, September 2003, Lot 2835; Bowers and Merena, January 2005, Lot 1594; Stack’s, November 2008, Lot 4430 – Handed; Stack’s Bowers, August 16, 2023, Lot 5144 – $168,000; Stack’s Bowers, August 13, 2024, Lot 3386 – $130,000 Reserve Not Met. Die crack under star 16. Nearly upright diagonal adjustment marks throughout face.
• NGC AU58: “Lengthy Seashore Connoisseur Assortment,” Bowers and Merena, August 1999, Lot 418; Golberg Auctioneers, Februart 2002, Lot 2056; Heritage Auctions, August 2, 2017, Lot 4150 – $135,125. Die crack under star 16. Nearly upright diagonal adjustment marks throughout face.
• NGC AU58 #564307-001: “The Charles Kramer Assortment,” Stack’s and Superior, November 1988, Lot 533; Superior Galleries, January 1996, Lot 155; “The Dr. James A. Ferrendelli Assortment,” Stack’s Bowers, August 2014, Lot 11104 – $164,500. Die crack under star 16. Nearly upright diagonal adjustment marks throughout face. Two ticks on the brow, a tick behind the attention. Cluster of small hits on the neck. Planchet void under the frond at 7 o’clock on the reverse. Curved lower under I of AMERICA.
• NGC AU58: Stack’s, June 25, 2008, Lot 2093 – $149,500. Die crack under star 16. Nearly upright diagonal adjustment marks throughout face. Tick within the left discipline under star 8. Longer mark close by. Curved mark close to denticle shut to six o’clock.

* * *

Design

Obverse:

A right-facing portrait of Liberty sporting a cap. Some confer with the cap as a turban, a Phrygian cap, or a pileus, however its form doesn’t exactly convey any of those kinds. A big curl of hair hangs over Liberty’s brow, and her hair hangs lengthy down the again of her neck and off of her shoulder. Liberty’s bust is wrapped within the material of a chiton. The date seems centered under the bust, whereas canted barely to the fitting is the phrase LIBERTY. On the left facet of the obverse, 12 stars, roughly equidistant from each other, wrap across the within the denticles. The underside star touches the “1” of the date and a large hole exists between the twelfth star and the “L” of LIBERTY. On the fitting facet, 4 extra stars (for a complete of 16), wrap across the within the denticles. A outstanding die crack is usually discovered on this selection and is situated slightly below the sixteenth star. Denticles lengthen from the border or the design to the sting.

Reverse:

A protracted-necked chook, meant to resemble an eagle, clutches a palm frond in its talons and a laurel wreath in its beak. Wrapping across the design is the legend UNITED STATES OF AMERICA. A bigger hole exists between UNITED and the remainder of the legend, and OF is nearer to STATES than to AMERICA. Denticles lengthen from the border or the design to the sting.

Edge:

The sting of the 1797 Capped Bust Eagle with Small Eagle reverse is reeded, a standard anti-counterfeiting measure.

Coin Specs

* * *