The 1797 Capped Bust Eagle is one of the most sought-after and historically significant coins in American numismatics. Just five years after the founding of the United States Mint, this $10 gold coin marked a pivotal point in the evolution of U.S. coinage. Notably, the 1797 Capped Bust Eagle was struck with two different reverse designs, making it a fascinating coin for collectors.
The Unique Reverse Designs of the 1797 Capped Bust Eagle
One of the defining features of the 1797 Capped Bust Eagle is its use of two distinct reverse designs: the Small Eagle and the Heraldic Eagle. Initially, the coin featured the Small Eagle reverse, which was struck using a single die marriage. This Small Eagle design was used until mid-1797, when the United States Mint transitioned to the Heraldic Eagle reverse. The transition was part of a broader effort to update coin designs during a time when the Mint was still in its infancy and facing significant growing pains.
Small Eagle Reverse
The Small Eagle reverse, used for a limited number of 1797-dated coins, depicts an eagle in a more simplistic form, clutching a palm branch and laurel wreath. The design was a relatively small representation of the eagle, and it was replaced soon after by the more detailed Heraldic Eagle reverse.
Heraldic Eagle Reverse
The Heraldic Eagle reverse, which began being used later in 1797, features a more intricate and stately eagle design, with a shield on its chest and a banner in its beak. This reverse design is more complex and is recognized as one of the signature designs in early American coinage.
Mintage Estimates for the 1797 Capped Bust Eagle
Determining the exact mintage of the 1797 Capped Bust Eagle is a subject of debate among numismatists. According to Mint records, Walter Breen suggested that 3,615 Small Eagle-type Capped Bust Eagles were struck. These coins were delivered between March 25 and May 2, 1797. Meanwhile, the Heraldic Eagle version is believed to have a mintage of around 10,940 coins, with deliveries occurring between June 7, 1797, and January 30, 1798.
However, numismatist John W. Dannreuther has proposed different estimates. He suggests that only 1,250 to 3,615 coins were struck with the Small Eagle reverse, and the total mintage for the 1797 Capped Bust Eagles (both Small Eagle and Heraldic Eagle) could be between 8,750 and 12,500 pieces. This uncertainty in the mintage figures only adds to the mystery and rarity of the coin.
The Value of the 1797 Capped Bust Eagle
The 1797 Capped Bust Eagle is considered one of the “beachfront properties” of the numismatic world, as famously described by PCGS founder David Hall. These early $10 gold coins are highly coveted due to their historical significance, rarity, and the fact that they were the highest denomination gold coins issued by the United States at the time.
During the late 18th century, $10 was a significant sum of money, and while these coins were rarely used in everyday transactions, they were frequently exported to pay for imported goods from Europe. The coins are also appreciated for their beauty, with slight variations in design from one die to another due to the primitive production techniques used by the Mint.
Increasing Value Over Time
The value of the 1797 Capped Bust Eagle has appreciated substantially over the past decade or so. Even in lower grades, these coins often fetch prices nearing $100,000 or more at auction. The highest-grade examples, particularly those graded MS63, are incredibly rare and have commanded prices far beyond this threshold. For example, the finest known example of the Small Eagle reverse, the Beldon Roach – Amon Carter, Sr. specimen, graded MS63, has sold for over $290,000 at auction.
At the time of writing, coins graded MS62 and MS61 have also seen significant auction results, with prices reaching into the hundreds of thousands of dollars. Due to their rarity and the unique nature of the reverse design, 1797 Capped Bust Eagles continue to be a focal point of interest for collectors and investors alike.
How to Identify the 1797 Capped Bust Eagle
Identifying the 1797 Capped Bust Eagle doesn’t require examining the reverse design, as the key identification feature lies in the obverse. The coin features a distinctive arrangement of stars—16 stars in total, with the first star on the left side of the obverse touching the “1” of the date. The stars are arranged in a unique 12×4 alignment, which is a notable characteristic of this coin type.
Additionally, collectors often note a prominent die crack on many examples, located just below the 16th star. This crack runs diagonally up toward Liberty’s neck, marking a key visual trait for identifying the variety.
Design of the 1797 Capped Bust Eagle
Obverse Design
The obverse of the 1797 Capped Bust Eagle features a right-facing portrait of Liberty. She is wearing a cap, often described as a Phrygian cap, though its exact shape is somewhat ambiguous. Liberty’s hair is depicted flowing down her back and over her shoulder. The word “LIBERTY” is inscribed to the right of her portrait, while the date is located just below. The obverse also includes 16 stars—12 on the left and 4 on the right—arranged in a circular pattern around the design.
Reverse Design
On the reverse, the eagle is depicted clutching both a palm branch and a laurel wreath in its talons, with a ribbon inscribed with the legend “UNITED STATES OF AMERICA” wrapping around the design. The gap between the word “UNITED” and the rest of the inscription is noticeably larger than between the other words, adding a unique visual feature to the coin’s design.
Edge
The edge of the 1797 Capped Bust Eagle is reeded, a common anti-counterfeiting measure for U.S. gold coins at the time.
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Coin Specifications
- Country: United States of America
- Year of Issue: 1797
- Denomination: $10 Eagle
- Mintmark: None (Philadelphia)
- Mintage: Estimated between 1,250 and 3,615 coins with the Small Eagle reverse
- Alloy: 91.67% gold, 8.33% copper
- Weight: 17.5 grams
- Diameter: 33.0 mm
- Edge: Reeded
- Obverse Designer: Robert Scot
- Reverse Designer: Robert Scot
- Quality: Business Strike
A Key Piece of American Numismatic History
The 1797 Capped Bust Eagle, particularly with the Small Eagle reverse, is a coin of immense historical and numismatic importance. Its rarity, coupled with the unique variations in design and its role as one of the first high-denomination U.S. gold coins, makes it a prized possession for serious collectors. Whether you are an investor or a numismatic enthusiast, the 1797 Capped Bust Eagle remains one of the most coveted and valuable coins in early American coinage.
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