1803 Drape Bust Eagle; PCGS AU50; Dunham Specimen

The following description is courtesy of Heritage Auction catologers.

1803 BD-5 Ten Dollar, AU50
The Dunham Coin

1803 $10 Large Reverse Stars, Star on Cloud, BD-5, High R.4, AU50 PCGS. Ex: Dunham. Bass-Dannreuther Die State g/b. Two Large Star reverses exist for the 1803 eagle, one with a mysterious, small Extra Star in the last cloud (seen weakly struck on this coin), which helps identify the BD-5 die pair.

This is a pleasing example of the scarce, 14th star variety, seldom seen in AU condition, with a generous amount of remaining mint luster enlivening the medium-gold surfaces and olive overtones.
Remarkably, it is the William Forrester Dunham coin, offered for sale in the well-known 1941 B. Max Mehl mail bid sale, and later appearing in a January 7, 2008 Stack's sale as lot 1008.

In our opinion, the "hidden star" on the last cloud is not the most interesting feature in that area of this particular coin. Rather, the more fascinating mark is a small D counterstamp -- struck twice -- on the cloud in proximity to the hidden, 14th star.

A much more prestigious coin -- the iconic Dexter 1804 dollar -- has a similar D punched on the next-to-last cloud on its reverse. It is important to note that William Dunham owned the same famous 1804 dollar from 1903 through 1939.

We believe the D on this 1803 eagle is Dunham's self-applied pedigree mark, likely from the same punch used to stamp the 1804 dollar. Dunham apparently used the punch in unobtrusive locations to signify his ownership of several of the better coins in his vast collection.

This 1803 ten dollar piece goes a long way to settling the decades-old discussion about the significance of the D on the 1804 dollar, and whether it stood for Dexter or was placed there for some other reason. As evidenced by the present example, it is most likely the mark of William Forester Dunham. This is a true artifact of American numismatic history. Once sold, this unique coin cannot be replaced at any cost. Please bid accordingly.
Ex: Central States Signature (Heritage, 4/2014), lot 5768, where it brought $18,800.
From The Riverboat Collection of Early Eagles.

Coin Index Numbers: (NGC ID# 262A, Variety PCGS# 45739, Base PCGS# 98565)