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CSNS Signature US Coin Sale 1254  26-28 Apr 2017
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Lot 4226

Estimate: 1 USD
Price realized: 20 000 USD
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Early Half Eagles
1798 $5 Large Eagle, Large 8, 14 Stars Reverse, BD-3, R.5, AU53 NGC. Bass-Dannreuther Die State -- unlisted obverse/terminal state reverse. One has to wonder if the Mint squeezed a few more impressions out the badly cracked BD-3, 14 Star reverse die in the midst of striking the 1798 BD-4 Large 8, 13 Stars variety. Both the BD-3 and BD-4 share the same obverse. Conventional thought has the BD-3 14 Stars variety struck until the reverse die failed, which it eventually did, from a fatal web of die cracks centered at the upper part of the shield. Then, as the Bass-Dannreuther reference says, "This obverse was paired with another reverse, creating the next variety, BD-4, indicating an early failure of this [BD-3] reverse, as the obverse is still in perfect condition for this second pairing."
The puzzlement is the obverse die, which is heavily clashed on the present coin. One plausible explanation is that the obverse clashed while in its next usage, at which point it was remarried with its original 14 Stars reverse for a few more impressions. Meanwhile, the 13 Stars reverse was removed and lapped. When the 14 Stars reverse soon expired, it was replaced by the refurbished BD-4 reverse.
This 14 Stars example is unique in our experience with the obverse die clash and it is a great coin for further study. The reverse is clearly destined for failure, with no fewer than eight lengthy die cracks, five of which meet at the top portion of the shield where a serpentine retained cud forms. The reverse shows heavy die clash as well, likely from its brief remarriage. Die state aside, the coin is brilliant with yellow-gold color and lightly abraded surfaces. Surprisingly sharp definition remains across the motifs. Lustrous, reddish-gold overtones add eye appeal at the centers. We note a short strike-through in the left field near star 5. Census: 3 in 53, 13 finer (1/17).
From The Hutchinson Collection, Part II.

HID02901242017
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