Owner Comments:
PCGS graded MS 66, No Drapery, 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 an example of the V-1 die marriage, in an early state thereof. The stars appear normal in size. But the die rust is apparent on the arm and other locations in the design. Note the strong repunching of stars 3 and 4 (counting clockwise from lower left).
Luster: TBD
Photo credit: Electric Peak Collection