US Coins

Market Analysis: 1804 eagle ends series, and Taraszka Collection auction

The Capped Bust gold $10 series ended in 1804, and the denomination would not be struck again until 1838, with Christian Gobrecht’s Coronet design. 

As with many mintages, the exact number of 1804 Capped Bust eagles minted is up to debate. While 3,757 has long been accepted as the mintage based on delivery records, studies of the coins themselves have indicated that some 1803 $10 coins were struck after 1804-dated examples, so the traditionally reported mintage may be inflated. 

A single die variety is known for circulation strike 1804 Capped Bust eagles, listed as BD-1 and Taraszka-31. Dannreuther’s research indicates that not more than 100 are known today. Nearly all are softly struck and the offered coin has some design weakness seen on Liberty’s profile. 

Stack’s Bowers adds, “Numerous light adjustment marks (as made) on the reverse slant down to the right through the shield and the eagle’s left shoulder, helping to explain the lack of detail for those features.” These adjustment marks were from tools employed at the Mint to bring down a planchet’s weight. 

Taraszka’s example, graded MS-61, served to illustrate the date in his book. The catalog entry notes, “Very pleasing for the assigned grade; for provenance purposes we mention a tiny two-reed reeding mark in the upper right obverse field in front of Liberty’s forehead.” 

It realized $102,000 as the collection’s final lot. 

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