1796 $10 Gold Eagle NGC AU53. Only variety of the year, with an estimated mintage of just 4,146 coins and no more than 150 coins surviving in all grades. As can be guessed from this mintage, the 1796 eagle is a very important date and much scarcer than the first year of issue, 1795, which had a much larger mintage. As such, this is an issue which is hard to find in any condition, but especially so in problem-free condition with no signs of cleaning or damage. Coins like the present example have become increasingly hard to find over the years, and as more examples get locked up in specialized collections they will become even more difficult to acquire.

As mentioned above, this year only saw the use of a single die pair. The obverse features a total of sixteen stars, indicating the number of states in the Union at the time. Tennessee was admitted to the Union on June 1, 1796 so it seems very plausible that this coin was struck after that date. In fact, some example of this date might have been struck as late as mid 1797, as the reverse was used for various different die pairs, including obverse dies dated 1797. By studying the striking characteristics and die states of these coins, it has been determined that at least a small number of 1796 eagles were struck after the 1797 eagle variety with the same reverse die had been struck.

While this is not uncommon among early American gold coinage (and the reason for many issues which otherwise would not have existed, especially from the first few years of production in Philadelphia) it is very interesting to study. This is the case with all of these early gold coins, with small, mostly undetermined mintages, strange pairings of different dies and, throughout these series, a low survival rate of original examples. We cannot understate the true scarcity of original coins, and more collectors and investors have become aware of their potential value of a regular piece with much less eye-appeal.

The present piece, in our opinion, is of very premium quality for the grade. While NGC has graded it AU-53, because of some wear, we believe enough luster remains to warrant a higher grade when resubmitted. The fields are much better than usually encountered, with only some moderate marks, none of them major. Nice orange-yellow color, slightly darker on the reverse, can be seen, and looks quite pleasing in hand. A strong strike highlights the obverse in particular, with all the stars strongly impressed. In all, this is a great coin and important opportunity for the specialist of early American gold coinage.