1797 Capped Bust Eagle: A Prized Relic of American Currency

The 1797 Capped Bust Eagle, with a mintage estimated between 1,250 and 3,615, is a rare and valuable coin. Struck with two distinct reverse designs, the Small Eagle and Heraldic Eagle, it holds the distinction of being the third $10 gold denomination issued by the United States. Its unique 12x4 star alignment and prominent die crack below the 16th star on the obverse help to identify this variety. The highest known grade for this coin is MS63, and it is highly sought after by collectors for its historical significance and beautiful design.

The 1797 Capped Bust Eagle: A Cherished Relic of American Numismatics

Embodying the nascent spirit of a young nation, the 1797 Capped Bust Eagle stands as an exceptional testament to the artistry and meticulous craftsmanship that characterized the early days of American coinage. As the third emission of the $10 gold denomination, this captivating coin boasts the distinction of being struck with two distinct reverse designs, each possessing its unique allure.

The Small Eagle and Heraldic Eagle

The earlier issue of the 1797 Capped Bust Eagle features the Small Eagle reverse, a design that had graced this denomination since its inception in 1795. However, in a testament to the Mint's evolving techniques, the Small Eagle design was soon supplanted by the Heraldic Eagle. Three different die marriages were employed to strike the 1797 Capped Bust Eagles with the Heraldic Eagle reverse, showcasing the Mint's ongoing efforts to refine its production processes.

Mintage Records and Historical Significance

According to meticulous Mint records, Walter Breen estimated that approximately 3,615 Small Eagle type Capped Bust Eagles were struck. The Heraldic Eagle variety, on the other hand, saw a more substantial mintage, with an estimated 10,940 examples produced. Numismatic scholar John W. Dannreuther proposed a slightly wider range, suggesting that between 1,250 and 3,615 Small Eagle coins and 8,750 to 12,500 Heraldic Eagle coins were minted in 1797.

The 1797 Capped Bust Eagle played a pivotal role in international commerce, serving as a means of settling accounts for imported goods from Europe during a period when $10 was a substantial sum. Its use extended beyond domestic transactions, solidifying its status as a symbol of America's burgeoning financial prowess on the global stage.

Identifying the Small Eagle Variety

Distinguishing the 1797 Capped Bust Eagle with the Small Eagle reverse from its Heraldic Eagle counterpart is a straightforward endeavor. The Small Eagle variety exhibits an unusual alignment of the 16 stars on the obverse, arranged in a 12×4 configuration. The first star on the left side is positioned adjacent to the date, while a prominent die crack typically extends from the rim below the 16th star, tracing a diagonal path up towards Liberty's neck.

Rarity, Value, and Exceptional Specimens

The 1797 Capped Bust Eagle, particularly the Small Eagle variety, is a highly sought-after numismatic treasure. Its rarity and historical significance have fueled a steady appreciation in value over the past decade. Even in circulated grades, this coin seldom appears at auction, commanding prices that routinely exceed $100,000.

Amongst the finest known specimens is the Beldon Roach – Amon Carter, Sr. coin, graded MS63 by NGC, which realized an impressive $293,750 at auction in 2013. Another notable example is the Harry W. Bass, Jr. Core Collection specimen, graded MS62 by PCGS, which fetched $360,000 in 2023.

Design and Artistic Nuances

The 1797 Capped Bust Eagle showcases the refined artistry of Robert Scot, the engraver responsible for both the obverse and reverse designs. Liberty's right-facing portrait exudes a sense of strength and determination, adorned with a distinctive headdress that has variously been interpreted as a turban, Phrygian cap, or pileus. The reverse features a long-necked eagle clutching a palm frond and laurel wreath, symbolizing the nation's strength and determination.

Legacy and Significance

The 1797 Capped Bust Eagle remains a coveted prize for collectors and numismatic enthusiasts alike. Its status as an early American gold coin, coupled with its limited mintage and artistic beauty, has cemented its place as one of the most cherished and iconic coins in United States history. Each specimen tells a tale of a nascent nation finding its footing on the global stage, and serves as a poignant reminder of the skill and legacy of America's early mintmasters.