Owner Comments:
NGC graded MS 65, Large Stars
Variety: V-1; Small Stars, Stage 1
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 essentially untoned, is well-struck throughout, and is highly lustrous. There are a couple very light hairline scratches that are visible in some lighting angles. Overall it is very pleasing.
I bought this coin as a cherry-pick from Stack's-Bowers at the Summer 2015 Baltimore show. The NGC certification correctly noted that it is a No Drapery type (as are all 1838 Philadelphia half dimes), but did not specify Large Stars or Small Stars. It is an example of the V-1 Small Stars variety, in Stage 1 of that variety. I paid a fair Large Stars price for it - substantially less than what gem Small Stars pieces fetch (including Large Stars coins that are mis-attributed as Small Stars!). But to be fair, in what is known as Stage 1 of the obverse die, the stars are normal. I submitted the coin for reholdering because the original holder was badly scuffed. NGC added the Large Stars designation at that time...
Luster: 4/4
Strike: 5/4
Photo credit: Electric Peak Collection