The $10 Capped Bust theme switched from a small
eagle reverse to a large (often called Heraldic) eagle in 1797. This
was in response to criticism of the sickly appearance of the small
eagle.
In the minds of many, the smaller bird projected an image of weakness
for the newly organized nation of the United States.
The Capped Bust (Large Eagle) $10 Eagle was minted until 1804. It was
discontinued because at that time, most United States gold coins never
made it to circulation because bullion speculators were exporting them
to Europe for meltdown and profit just as fast as the Mint could
produce them.
United States $10 gold eagles were not coined
again until 1838, making
the 1804 edition the last date of this denomination for many
years. Of the estimated 3,757 struck, fewer than 100 exist today.
As is the case with most early United States gold coins, the 1804
Capped Bust Eagle is immensely popular. Genuine examples of this
classic rarity are highly coveted by advanced collectors, as evidenced
by utterly spectacular price advancements over time. There is no reason
to doubt this remains the long term outlook for this remarkable coin.
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