Owner Comments:
The Draped Bust, Small Eagle half dollar is the rarest piece in the U.S. non gold type coin set. According to mint records, only 3,918 half dollars, bearing this design, were struck. Preeminent numismatic writer and dealer, Q. David Bowers, has estimated that from 225 to 325 of these coins exist in all grades. Many of these survivors have been damaged and cannot be assigned a “clean grade” in a certification holder.
The mint delivered the entire mintage of this design in 1797. During this period, silver for coinage at the U.S. mint was obtained from private individuals and companies, and those depositors had the right to specify which denominations that they wanted. The silver dollar was by far the most popular coin, and the half dollar, perhaps because 323,144 pieces had been minted in 1794-5, was the least in demand.
This type is unique among the other Draped Bust, Small Eagle type coins because it is the only piece that bears any hint of its face value on the obverse or reverse of the coin. On the reverse, there is a small “1/2” below the wreath. Like the silver dollar this piece has a lettered edge. It reads, “FIFTY CENTS OR HALF DOLLAR.” Perhaps there was some concern that this piece would be confused with the quarter, which was introduced in 1796.
This coin has the 16 star obverse, which is the rarer of the half dollar two varieties that bear the date 1796. The 16th star was added to mark the admission of Tennessee as a state. This variety, which is listed in Al C. Overton’s early half dollar variety book as 1796 O-102, is rated as a Rarity-6 with an estimated 13 to 30 examples known. Overall Overton broke down the total mintage of 3,918 half dollars as follows: 569, 1796, 15 star variety / 365, 1796, 16 star variety / 2,984 covering both varieties of the 1797 half dollar.