Owner Comments:
NGC graded MS 65, Small Stars
Variety: V-2; Small Stars, Stage 4 (Blythe), Stage 5 (Flynn)
Ex: Eugene H. Gardner
For 1838 half dimes, the Small Stars designation should really apply only to one obverse die, which was progressively lapped to remove evidence of die rust. As a result, the stars start out normal, but become progressively smaller. Some nearly disappear in the latest state of that die. While other dies were undoubtedly lapped, there are no other cases in the series in which the stars sizes are affected nearly as much. A better designation would be to emphasize the die rust on that Small Stars die, which is apparent on Liberty's left (pole-holding) arm, even in the earliest known die state. That obverse die was paired with two reverse dies, making the V-1 and V-2 varieties. Valentine noted "thin stars" only for this one obverse die. Nevertheless, the grading services commonly designate representatives of other varieties as "Small Stars", despite the stars looking normal, and commonly designate early state examples of the V-1 marriage as "Large Stars".
Even if the obverse die had been used before it rusted, resulting coins would be still be identifiable. The stars were punched into the die individually. Some required correction. The result is unique star positions and evidence of repunching that is apparent even on significantly worn coins.
This coin is an example of the V-2 die marriage. Most of the stars are significantly affected by lapping. Die rust is severe on the arm and other locations in the design. Lapping has eliminated the evidence of repunching of stars 3 and 4 (counting clockwise from lower left). Late in the V-1 marriage, a die crack appeared from the rim through star 13. That crack appears on all examples of V-2 that are not too heavily worn or damaged. The V-2 reverse die is most easily identified, at least on higher grade coins, by the horizontal clash mark between M and E of DIME, and extending up and right from the upper right corner of that E.
Luster: 3/4
Photo credit: Electric Peak Collection