1795 $10 13 Leaves MS (PCGS# 8551)

2014 August 5, 7 & 9 ANA US Coins Signature Auction - Chicago #1208

  • Auctioneer:
    Heritage Auctions
  • Lot Number:
    5661
  • Grade:
    MS65
  • Price:
    $881,250.00
Lot Description
1795 $10 13 Leaves MS65 PCGS. BD-5, R.5. Bass-Dannreuther Die State e/c. Just a handful of United States coins are alluring and important enough to capture the attention and bidding activity of people who do not even consider themselves coin collectors. The coin offered here is just such a coin -- this truly spectacular example of the first ever ten dollar gold piece released by the United States Mint. As such, it is arguably the most historically important United States gold coin ever issued. The 1795 Capped Bust Right eagle is a formidable rarity in Gem condition and the coin offered here is a truly spectacular example, with exceptional eye appeal to complement the high technical grade. Our Auction Archives indicate we have offered only one example of this landmark issue in MS65 before, the NGC-graded specimen in lot 5871 of our Chicago Signature (Heritage, 8/2013), which realized $675,625. Heritage Auctions is privileged to present this delightful Gem, one of the finest known examples, in its first public offering since 1988. Many problems beset the United States Mint after its establishment in 1792. One of the most serious was the inability of Chief Coiner Henry Voigt and Assayer Albion Cox to meet the bonds required by the Mint Act of 1792. The act stipulated: "That the said assayer, chief coiner and treasurer, previously to entering upon the execution of their respective offices, shall each become bound to the United States of America, with one or more sureties to the satisfaction of the Secretary of the Treasury, in the sum of ten thousand dollars, with condition for the faithful and diligent performance of the duties of his office." Ten thousand dollars was an enormous sum for the average person in 1792. Both Voigt and Cox found it impossible to fulfill this condition until Mint Director David Rittenhouse convinced Congress to lower the bonds in 1794, and loaned them enough money to meet the reduced surety. Even after the bonds were posted, many ...
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