1801 $10 BD-2
1801 $10 BD-2, R.2, MS64 PCGS. CAC. Ex: Simpson. The year was 1801. Thomas Jefferson was elected as our third president, the United States had meagerly grown to 16 states, and we were at war with Tripoli. Meanwhile, our fledgling first Mint in Philadelphia was struggling for survival. David Lange elaborates in his History of the United States Mint and Its Coinage: "The late 1700s and early 1800s were the United States Mint's darkest days, and it seemed that the end was near. Declaring the Mint a failure, many in Congress wanted to abolish it." He goes on to add that, "in 1801, bullion deposits dropped off dramatically, and the Mint again was threatened with extinction. Only the previous year, the Senate had passed a resolution that called for abolishing the U.S. Mint and placing a contract for coining with the Bank of the United States. The lack of federal coinage was blamed on inefficiency and incompetence, while the real reasons were little understood by Congress." Amid the economic and political turmoil of the time, Mint Director Elias Boudinot managed to keep the coining presses in motion. Over 1 million cents were struck, with mintages of the half dimes, dimes, half dollars, and dollars reaching into the tens of thousands of coins each. Interestingly, the only 1801-dated denomination struck in gold was that of the eagle. The recorded mintage of 44,343 tens in 1801 likely included some coins dated 1800 and, as suggested by noted collector and early gold researcher Harry W. Bass, Jr., some pieces dated 1799 as well. Nonetheless, the 1801 eagle is one of the more available issues in the Capped Bust ten dollar series. The estimated number of survivors of the 1801 ten dollar is in the range of 600 to 800 pieces. That suggests a survivor rate of approximately 2%, which is consistent with other coins minted in the early years of the first Mint. Only the 1799 is more readily available in all grades, making either date the usual choice for type collectors. Those seeking Gem examples, however, will require much patience as PCGS and NGC combined have graded only six 1801 tens at the MS65 level. Even near-Gems, such as the current offering, are scarce with a mere 38 examples certified at PCGS and 25 at NGC (3/24). This is a spectacular piece. The fields are bright yellow with a confirmed reflectivity on each side. The central design elements are fully brought up and the only area of softness is on the peripheral obverse stars. A magnificent early ten and a rare opportunity for the gold type collector. Ex: West Palm Beach Signature (Heritage, 6/2008), lot 2104; US Coins Signature (Heritage, 12/2019), lot 3335. Important Selections from The Bob R. Simpson Collection, Part XII. HID10510052018 © 2024 Heritage Auctions | All Rights Reserved
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1801 $10 BD-2, R.2, MS64 PCGS. CAC. Ex: Simpson. The year was 1801. Thomas Jefferson was elected as our third president, the United States had meagerly grown to 16 states, and we were at war with Tripoli. Meanwhile, our fledgling first Mint in Philadelphia was struggling for survival. David Lange elaborates in his History of the United States Mint and Its Coinage: "The late 1700s and early 1800s were the United States Mint's darkest days, and it seemed that the end was near. Declaring the Mint a failure, many in Congress wanted to abolish it." He goes on to add that, "in 1801, bullion deposits dropped off dramatically, and the Mint again was threatened with extinction. Only the previous year, the Senate had passed a resolution that called for abolishing the U.S. Mint and placing a contract for coining with the Bank of the United States. The lack of federal coinage was blamed on inefficiency and incompetence, while the real reasons were little understood by Congress." Amid the economic and political turmoil of the time, Mint Director Elias Boudinot managed to keep the coining presses in motion. Over 1 million cents were struck, with mintages of the half dimes, dimes, half dollars, and dollars reaching into the tens of thousands of coins each. Interestingly, the only 1801-dated denomination struck in gold was that of the eagle. The recorded mintage of 44,343 tens in 1801 likely included some coins dated 1800 and, as suggested by noted collector and early gold researcher Harry W. Bass, Jr., some pieces dated 1799 as well. Nonetheless, the 1801 eagle is one of the more available issues in the Capped Bust ten dollar series. The estimated number of survivors of the 1801 ten dollar is in the range of 600 to 800 pieces. That suggests a survivor rate of approximately 2%, which is consistent with other coins minted in the early years of the first Mint. Only the 1799 is more readily available in all grades, making either date the usual choice for type collectors. Those seeking Gem examples, however, will require much patience as PCGS and NGC combined have graded only six 1801 tens at the MS65 level. Even near-Gems, such as the current offering, are scarce with a mere 38 examples certified at PCGS and 25 at NGC (3/24). This is a spectacular piece. The fields are bright yellow with a confirmed reflectivity on each side. The central design elements are fully brought up and the only area of softness is on the peripheral obverse stars. A magnificent early ten and a rare opportunity for the gold type collector. Ex: West Palm Beach Signature (Heritage, 6/2008), lot 2104; US Coins Signature (Heritage, 12/2019), lot 3335. Important Selections from The Bob R. Simpson Collection, Part XII. HID10510052018 © 2024 Heritage Auctions | All Rights Reserved
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