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1796 Ten Dollar, NGC AU58
BD-1, Taraszka-6, Breen-6832, R.4. The only die variety for the year. Of the three dates of Small Eagle tens, the 1795 is scarce, the 1796 is rare, and the 1797 is very rare. Presumably, many more 1795 eagles were saved as souvenirs, and by the time the second date in the series was introduced, the novelty of these new majestic coins had subsided. To illustrate this point, the Bass-Dannreuther reference (2006) suggests an extant population of only 150 pieces, compared to 500 or more 1795 tens.
The NGC Census Report documents a mere 28 specimens at the near-Mint State level, with only 18 pieces graded finer (March 2010). However, the NGC numbers are undoubtedly inflated due to ubiquitous resubmissions of the same coin. The fact that the last AU58 specimen crossed the auction block in 2006 is further evidence that the population of 28 coins is artificially high, and that collectors have a propensity to retain these elegant gold relics of America’s first Mint. Two memorable auction appearances include an August 2006 sale of an AU58 piece for $103,500, and an August 2007 sale of an AU55 example which brought $126,500.
The current offering benefits from original surfaces with just enough wear to suggest only a brief stint in circulation. The strike is crisp and the design is well centered on this red-gold survivor, making for an example that would be a welcome addition to the finest of early gold cabinets.
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History
