Pre-Long Beach Auction #84

1796. 15 stars. Overton-101, Rarity 5. NGC graded EF-45. There were only two die pairings for 1796 half dollars; O-101 with 15 stars on the obverse, O-102 with 16 stars. Curiously, all 1796 and 1797 half dollars are thought to have actually been minted in 1797 as part of three deliveries. Mint records show that the first delivery was made on February 28, 1797 (60 coins), the second delivery on March 21 (874 coins), and the final one on May 26 (2,984 coins). Breen, in his Complete Encyclopedia of U.S. and Colonial Coins, makes the assumption that the February delivery contained those with 15 stars; while the coins minted in March included some 1796 with 15 stars and others with 16 stars (Later production in May consisted mostly of 1797-dated pieces but may have included the last of the 1796s with 16 stars). The 16 stars coins were said to be made after the admission of Tennessee to the Union on June 1, 1796. Tennessee became the 16th state, hence, 16 stars.

Only 3,918 1796 and 1797 small eagle half dollars were struck at Philadelphia, and of this meager mintage, no more than 5% still remain in collections or displays. The vast majority show extensive wear, often with retooling or plug-filled holes. What began as a bold strike assured that plentiful detail would remain after this coin experienced brief circulation. The obverse shows the usual die crack linking the last three stars, bust point and rim, as well as the second crack that forms an arc on Libertyג€™s shoulder. The reverse shows wear confined in general to the eagleג€™s breast. Under magnification and systematic study, both sides reveal a scattering of distinctly minor marks from handling long ago, offset by the tawny red-gold toning that drenches both fields and devices. This coinג€™s overall appeal is outstanding and this example is certain to find a home in a discriminating connoisseurג€™s carefully assembled collection.

Finding and acquiring a finer example than that offered here would be a daunting challenge undertaken without certainty of success. The appearance of the present Choice Extremely Fine coin at auction presents collectors with an historic opportunity. Pop 2; 8 finer at NGC.
Estimated Value $80,000 - 90,000.