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Collecting Halves By Type
By Paul M. Green
August 25, 2007 |
Half dollars offer a great opportunity for a collector wanting to build a type collection that traces the history of the United States as well as the history of the U.S. Mint. Moreover, thanks to at least one significant hoard of the earliest and most difficult half dollars, most types are available at what are surprisingly low prices. This is especially true when you consider that the half dollar, for much of its history, was really a high denomination that most people could not afford to collect.
Authorization for a half dollar was part of the original Mint Act of April 2, 1792. It was delayed in production, however, because the Mint had not yet been built. What limited attempts there were at coinage production were being carried out in the workshop of John Harper, a saw maker.
By early 1793 the Mint was open for business in coining copper large cents and half cents. The production of silver and gold coins was delayed until a problem with the bonding of key Mint officials could be straightened out. That process took up all of 1793 and extended into 1794.
At first the Mint turned to producing silver dollars. However, the Mint's largest press at the time was only capable of making coins as large as a half dollar. Therefore the initial dollar mintage was just 1,758 coins.
Actually, they probably tried to make more 1794 dollars but the best guess is that only 1,758 were seen as meeting what would have been minimal quality standards. Most remaining examples are weakly struck and sometimes not perfectly aligned.
In 1794, the Mint began putting out Flowing Hair half dollars. Mintage was 23,464. By the next year, the total climbed steeply to 299,680.
As the first half dollar, the 1794 is in great demand and the supply is not that large. However, thanks to the stunning hoard of the Harmony Society, which was discovered in the 1800s and involved well over 100,000 half dollars from prior to 1836, we have a better supply of the 1794 than would otherwise be the case. About 150 examples of the 1794 were in that hoard, which is perhaps one-third of the total number of 1794s now in existence.
In Good-4 the 1794 lists for $2,400. The 1794 is not regular found in mint state, where it is priced at $90,000.
The type collector will find the 1795 is much more available, as the Harmony Society hoard saved hundreds of examples. Plus, the 1795's mintage was more than 10 times higher than the 1794 output. That makes the 1795 a $650 coin in G-4 and $22,000 in Mint State-60.
As the prices suggest, while more available than the 1794, the 1795 is still not an easy date to find. In addition, many have problems of one type or another. These include adjustment marks, which occurred when an overweight planchet was filed down. Others suffer from weak strikes, evident on the eagle's breast. So finding one without defects is a challenge.
In 1796 and 1797 the design was changed to the Draped Bust with a small-eagle reverse. Mintages of those two years, however, dropped. The combined total was 3,918 pieces.
The reason for the extremely low total was that Mint depositors could select the denominations they wanted to receive their silver in. With the silver dollar now in regular production, depositors routinely selected dollars, as they were easier to handle and were used in exported.
The extremely low mintage of the two years combined has produced what is basically the toughest of all regular type coins. As Q. David Bowers writes in A Guide Book of United States Type Coins, the type is "the Holy Grail, the rarest by far."
It is a situation where in any grade a 1796 or 1797 half dollar is a significant rarity. The least expensive G-4 of these dates is roughly $29,000 and they are rarely seen even in that grade.
Mint-state examples are nearly impossible. An MS-60 is likely to run at least $175,000 and there is likely to be serious competition when one comes up, meaning the price could go much higher. With the small supply, buyers tend to not have the luxury of shopping around.
Fortunately most of the 1796 and 1797 half dollars are fully struck but they can be porous and grainy as well as heavily worn and damaged. Finding even a problem-free G-4 can be a challenge.
The lack of demand for half dollars at the time is seen in the fact that the next half dollar wasn't minted until 1801 and while the Draped Bust obverse continued, the reverse now featured a heraldic eagle.
This design was used until 1807 and significant numbers in the Harmony Society hoard have certainly helped out supplies today. However, the 1801 and 1802 are very tough. The 1806 and 1807 are the more common pieces, with G-4 prices of around $120. An MS-60 goes for $5,750 and up.
Once again, light strikes in most areas and adjustment marks can be a problem. But with a much higher supply than is the case with the earlier types, a nice example in whatever grade you desire can probably be found without too much difficulty.
The next design change, in 1807, carried John Reich's Capped Bust design. This remained in use until 1836 and featured a lettered edge reading "FIFTY CENTS OR HALF A DOLLAR."
These dates were the heart of the Economy Society hoard, which contained approximately 100,000 half dollars of the type. Production of silver dollars was suspended in 1804, making the half dollar the largest silver coin, which led to increased demand. That helps the collector, as a G-4 of the type is likely to be about $45. An MS-60 of the more common dates starts at $500.
There are some examples that have been graded MS-65 by the major grading services but they are definitely not numerous, with a starting price of $7,500. In fact, quality is an issue, as these half dollars were frequently produced in significant numbers. Moreover, to keep costs low, the dies were often times used far too long and design details suffered. With the large numbers available, however, a bit of shopping around will usually produce a nice coin at a good price.
In 1836 the Mint had a new steam-powered press. The introduction of the new press led to some changes. The lettered edge was replaced with a reeded edge and the coin was of a slightly smaller diameter. The denomination was also now expressed as "50 Cents" as opposed to "50C."
Once the new press was installed, it was decided to have a test run and that led to an output of a small number of the new type in 1836. The usually mentioned figure is 1,200, although we honestly are not certain of the precise mintage. It was probably less than 5,000.
Finding a type example would be a real problem today if it were not for the fact that mintage in the following year was a healthy 3,629,820. The 1837 is available at $50 in G-4 and $750 in MS-60. MS-65s are tough and in constant demand as a type coin, resulting in a price of $12,500.
In 1838 the denomination was be changed to "HALF DOL," which created a short-lived type that was minted only in 1838 and 1839. Fortunately there were solid mintages at Philadelphia. So a type coin can be found for about $50 in G-4. In MS-60 the 1838 is about $625.
In 1839 a new half dollar was introduced. This design, by Christian Gobrecht, would be known as the Seated Liberty. The type collector needs to make a decision regarding the 1839 Seated Liberty half dollar, as perhaps as many as 600,000 were produced lacking drapery at Liberty's elbow. The rest of the 1839 and all later mintages had drapery, which was a design modification by Robert Ball Hughes.
If you decide to include the no drapery 1839, as many do as a type, it is currently $45 in G-4 and $4,500 in MS-60. In MS-65 it is a significant rarity and in great demand, with a price of $150,000. In the case of the coins with the drapery, there is a strong supply. G-4 examples of common dates are less than $20 and most of these can be found in MS-60 for under $500. In MS-65 the current tag is $4,500 and up.
In 1853, a new type was added by the addition of arrows next to the date. The arrows indicated a slight decrease in the half dollar's weight. Rays were added around the eagle on the reverse.
The reduction was in reaction to problems with keeping silver coins in circulation. The new type was only be produced in 1853 and that makes for strong demand.
The Philadelphia mintage was more than 3.5 million. New Orleans added 1,328,000. So this type is available at $17 in G-4 and $1,700 in MS-60. An MS-65, however, is $21,500, and demand is high.
Moreover, the large, hurried production brought about sometimes indifferent striking. So a top quality example of the 1853 arrows and rays half dollar is not as easy to find as the mintage suggests.
In 1854 and 1855 the rays were removed but the arrows remained. This created another short-lived type. Mintages, however, were solid in Philadelphia. So the type is available at $17 in G-4, with an MS-60 at $600 and up. An MS-65 brings $8,000.
In 1856 the half dollar returned to the same design as prior to 1853. However, with the weight reduction still in force, it is technically a different type. These were minted into 1866. Annual mintages were many times above 1 million, so this type is available at $17 in G-4. An MS-60 starts at just under $400. However, any MS-65 is likely to be $5,200 or more.
In 1866 the motto "IN GOD WE TRUST" was added to the reverse and led to a type that was in use until 1873. Although Civil War mintages were many times very low in some denominations, half dollar totals remained adequate to provide a supply of type examples today. In a couple of cases, a G-4 can be had for less than $20. An MS-60 brings at least $350 and an MS-65 might be found for $4,600.
In 1873 it was decided to slightly increase the amount of silver in the half dollar, so as to place it on a metric basis. To mark the change, the heavier 1873 half dollars had arrows added at the date.
This is a two-year type, which can be found for $18 in G-4 for the more common dates. In MS-60 common dates start at $850. An MS-65 is a tough coin to find at $12,750 for the most available date, which is the 1874.
The 1875 and all of the remaining Seated Liberty half dollars returned to the design used prior to 1873, which makes them an optional group to include in a type collection. If you want a later date they are available at $17 in G-4. An MS-60 is as little as $350, with an MS-65 starting at $2,700.
For some years government officials had wanted to make major coinage design changes but were cautious, not knowing precisely the legal limitations. Finally Congress was consulted and it passed a law allowing the Treasury secretary to change designs any time after they had been in use 25 years. The Seated Liberty designs were at twice that total.
So the nation's leading artists were invited to submit designs. That idea ran into problems and an open competition fared no better with no designs being selected. That left chief engraver Charles Barber, who was assigned the task of designing new silver coins.
The Barber half dollar was introduced in 1892 with enthusiasm for the new design being conspicuous in its absence. The Barber half dollar was never saved in large numbers, which means that despite solid mintages, there are not equally solid supplies in top grades. Although a common Barber half dollar might be found for basically a bullion-related price in G-4, any MS-60 is going to be at least $485 and any MS-65 will be $3,000.
For most collectors their favorite half dollar design appeared in 1916 with the introduction of Adolph Weinman's Walking Liberty. The Walking Liberty half dollar has some tough dates but is readily available as a type coin, especially the dates from the 1940s. Most of these are just over $30 in MS-60 and $125 and up in MS-65.
There are some interesting options in that the 1916 and some 1917 Walking Liberty half dollars had the mintmark on the coin's obverse before it was moved to the reverse. Those obverse mintmark Walking Liberty half dollars are not considered a separate type but in reality they also have wide, flat rims and matte-like luster, which are features also unlike the later dates. This makes them at least worthy of consideration as an added type. The most readily available obverse mintmark date is the 1916-D, which brings $375 in MS-60 and $2,250 in MS-65.
The Franklin half dollar made its debut in 1948 and it is certainly readily available. An MS-60 can be had for as little as $5.95, or whatever the price of silver dictates. In MS-65 a common-date Franklin half dollar brings at least $50, and in MS-65 with full bell lines $75 is the current minimum price.
It should be noted that the Franklin half dollar is not as easily found without problems. The relatively plain obverse and high points on the bell on the reverse were very prone to nicks and bagmarks. So just because they are relatively recent do not make the assumption that every Franklin half dollar is high grade.
The Kennedy half dollar followed and all types are valued at around $10 in MS-65. You have three major types, with the Kennedy half dollars of 1964 being 90 percent silver. The following year the silver content was reduced to 40 percent, making a second type. All Kennedy halves since 1971 are copper nickel, except those found in silver proof sets.
There is a fourth type that involved the design and those were the special 1976 Bicentennial Kennedy half dollars with a Seth Huntington's depiction of Independence Hall and the 1776-1976 dual dates. The 1976 half dollars were also produced in clad and 40 percent silver.
Taken from the 1794 to the present the half dollar is an interesting challenge, but with a couple exceptions nearly every major type is available. That makes a half dollar type collection a great lesson in American numismatic history and a set most can assemble.
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