1796 Capped Bust Right Eagle. BD-1, Taraszka-6, the only known dies. Rarity-4. EF-45 (PCGS). OGH.

1796 Capped Bust Right Eagle. BD-1, Taraszka-6, the only known dies. Rarity-4. EF-45 (PCGS). OGH.，This is a delightful 1796 Capped Bust Right $10 gold coin. Minimally circulated with plenty of bold to sharp striking detail throughout the design, both sides also retain ample evidence of a prooflike finish. Reflectivity in the fields and bright honey-gold patina and blushes of pale rose enhance the already strong eye appeal. BD Die State c/b.<p>Authorized by the Act of April 2, 1792, as one of the fundamental denominations of the newly established United States of America, production of the ten-dollar gold eagle did not commence until 1795. Prior to that year, the initial surety bonds required for key Mint personnel to handle bullion were prohibitively high, and Congress was compelled to reduce the amount so that gold and silver coins could finally be struck. The first eagles were produced in smaller quantities than half eagles, based on the requests of bullion depositors. Half eagles were more popular in domestic commerce, and thus fewer eagles were requested. With their higher precious metal content, however, eagles proved more useful for international transactions. By the early 19th century, in fact, so many eagles were being exported (with a consequent loss of gold bullion in domestic commerce) that President Thomas Jefferson suspended coinage of this denomination in 1804. The denomination would not be resurrected until 34 years later.<p>The initial eagle design is credited to Robert Scot, whose Capped Bust, Small Eagle motif appears on only three issues dated 1795 through 1797. The second year 1796 has a reported mintage of 4,146 pieces but, per John W. Dannreuther (<em>Early U.S. Gold Coin Varieties: A Study of Die States, 1795-1834</em>, 2006) many of those coins were likely struck from 1795-dated dies. The author estimates that the actual mintage of 1796-dated examples may be as low as 3,500 pieces. The 1796 is certainly underrated compared to the 1795, this single die marriage issue having an extant population of only 125 to 275 coins in all grades. Nearly in the AU category with strong visual appeal, the coin we offer here will be tremendously appealing for advanced gold type collectors and early eagle enthusiasts.，Acquired from Anthony Terranova, August 1991.，