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The First Barber Halves
By Tom LaMarre, Coins Magazine
January 09, 2008 |
Writing in his annual report for 1887, Mint Director James P. Kimball mentioned the "popular desire for an improvement of the coinage in respect to the present designs." The Seated Liberty design he was referring to had appeared on silver coins since the late 1830s and was considered outdated. In January 1892 the Barber dime, quarter and half dollar made their debut.
Depending on where they were struck, some first-year Barber half dollars are more valuable than others. But all have an interesting history.
In the February 1966 issue of the Whitman Numismatic Journal, Lawrence Block (now a famous mystery writer) stated that chief engraver Charles E. Barber's Liberty Head design was neither severely criticized nor lavishly praised in its own time.
Today the Barber coins have many admirers. This is especially true of the half dollar because the series has no great rarities (except for one mintmark variety). Many numismatists attempt to assemble a complete collection of circulated Barber half dollars.
The Philadelphia Mint produced nearly 1 million Barber halves in 1892. Although this total was a bit less than San Francisco's output, the 1892-S is much more valuable than the Philadelphia version. It seems that Philadelphia's first-year half dollars were hoarded, while San Francisco's were overlooked. There were more coin collectors in the East, and most numismatists paid little or no attention to mintmarks.
In 1892, the first free library established by the city of Philadelphia opened at the Wagner Institute. The fast cruiser Columbia, considered by some to be the most formidable war-vessel in the world, was launched at the Cramp Shipyard. It was christened by Edith Morton, daughter of U.S. Vice President Levi Morton, founder of the banking house of L.P. Morton and Co.
The San Francisco Mint struck slightly more than 1 million 1892 Barber half dollars. "A very small s is placed in this piece at the lowest point of the eagle's tail and just over the D," A.G. Heaton wrote in his booklet "Mint Marks," published in 1893. "There is a variety with the S slightly larger and well-centered."
Aside from the striking of the first Barber half dollars with the S mintmark, another notable occurrence in San Francisco in 1892 was the founding of the Sierra Club. The famous naturalist John Muir was elected president. The club led a campaign to defeat a proposed reduction in the boundaries of Yosemite National Park.
At the New Orleans Mint, fewer than 400,000 Barber halves came from the presses in 1892. "After a long interval the Half Dollar was struck in 1892 [at New Orleans] with the new bust and heraldic eagle dies," Heaton wrote. "The date is small, and a small o is directly under the middle of the eagle's tail and over the D."
Heaton also reported a "rare variety of this piece with an exceedingly small o, hardly larger than a period." Today collectors refer to it as the 1892 "micro O" variety. The small mintmark probably came from a punch intended for the quarter dollar.
Very few 1892 "micro O" half dollars have turned up. Most grade no better than About Good. At Bowers and Merena Galleries Robert W. Schwan Collection Sale in October 2000, a Mint State-61 1892 "micro O" half dollar realized more than $10,000.
New Orleans was a busy place in 1892. In September a three-day prize-fighting program billed as the "Carnival of Champions" took place there. The main event was the first major fight with gloves, pitting "Gentleman Jim" Corbett against the John L. Sullivan, who had earned his reputation as a bare-knuckle basher.
The fight was quite a story. Bat Masterson was the timekeeper. Corbett trained for the match at the Southern Athletic Club, located at 1500 Washington Ave. in New Orleans. He won the match in 21 rounds and became the new world heavyweight champion. Later Corbett took up a career as an actor and appeared in several plays.
In November 1892, newly elected Louisiana Gov. Murphy James Taylor sent the state militia into New Orleans to crush a general strike. More than 40 unions took part in the work stoppage, which was regarded as a threat to the city's economy and was the nation's first general strike.
Little attention was paid to it when new, but the 1892-O was the first half dollar struck at the New Orleans Mint since 1861. Coin Prices now lists the "regular" 1892-O half dollar at $160 in Good-4. An 1892-S in the same grade is valued at $150. In comparison to the branch mint issues, the 1892 Barber half dollar from the Philadelphia Mint looks like a real bargain. According to Coin Prices, you should be able to find a G-4 example for only $25.
In Very Fine-20, the 1892 half dollar is valued at $90. As long-time collectors know, Barber half dollars (and quarters) are not easily located in grades above Very Good. The half dollar had a lot of purchasing power back then, and the Depression that hit in 1893 made it even harder for most collectors to hold on to an 1892 half dollar while it was still in mint State grade or just beginning to show signs of wear. With its low mintage, a VF 1892 Barber half would be a nice acquisition for less than $100.
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