1796 50C 15 Stars MS63 PCGS. O-101. R.5. We are both honored and delighted to offer the 1796 15 Stars half dollar once owne...

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Sold on Aug 14, 2006 for:

$310,500.00 Bid Source: Live: Floor bidder

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The Outstanding 1796 15 Stars Eliasberg Half Dollar

1796 50C 15 Stars MS63 PCGS. O-101. R.5. We are both honored and delighted to offer the 1796 15 Stars half dollar once owned by Louis E. Eliasberg, Sr. This legendary collector assembled the only complete collection of U.S. coinage, either before or since, earning him the title "King of Coins." The current PCGS-graded MS63 coin appeared as lot 1673 in the April 1997 Bowers and Merena sale of the Eliasberg Collection, where it was described as "MS63, prooflike." The pedigree chain in that catalog included "... J.M. Clapp; John H. Clapp; Clapp estate, 1942 to Louis E. Eliasberg, Sr.; Eliasberg estate." Interestingly, in Q. David Bowers' 1996 book entitled Louis E. Eliasberg, Sr.: King of Coins, the author alludes to the notebook that J.M. Clapp used to record his coin acquisitions. Bowers presents some "brief remarks" gleaned from the notebook that relate to the various series. With regard to half dollars, he states: "Early issues were listed as complete by date and major variety and were highlighted by a Mint State 1795 ... and worn examples of the two varieties of 1796 and one of 1797. ... Beginning about 1806, Uncirculated coins are the rule among the listings."
Based on the above passages from Clapp's notebook, one might question whether the 1796 Select Uncirculated piece in the Bowers and Merena catalog (along with a 1796 16 Stars half dollar graded "MS63, prooflike," and a 1797 Overton-101a half described as "MS60 or finer, partially prooflike" can in fact be traced to the Clapp collection. Did Eliasberg sell or trade Clapp's "worn examples" of the three Draped Bust, Small Eagle half dollars and replace them with Mint State specimens acquired from other sources?
There may, however, be another explanation of the apparent grade disparity between certain coins in the Eliasberg catalog and what are presumed to be the same pieces in the Clapp notebook. Mark Borckardt, who was heavily involved in researching and cataloging the Eliasberg collection, indicated to the present cataloger (Jon Amato) that the Clapp notebook presented difficult problems for interpreting the grade of Clapp's coins. Bowers succinctly summarizes these issues on pages 143-144 of his 1996 book: "A simple grading code was given for all coins and represented the letter X. Proofs had the top, bottom, left, and right angles of the X each filled in with a dot (for a total of four dots), Uncirculated (Mint State) coins had the left, right, and bottom angles each filled in with a dot (for a total of three dots). A lightly worn coin would be designated by dots in the bottom and right angles (two dots), while a very worn example would have a single dot in the bottom angle (one dot). Sometimes a coin would simply be listed with an X, with no dots filled in, probably the addition of dots awaiting later inspection. Such listing meant 'I have it, but the grade is not known.' Present-day readers are given this caveat: What was called Uncirculated at the turn of the century may in some instances be equivalent to AU or lower today." Unfortunately, we do not have access to Clapp's notebook to verify his accounting of the "... two varieties of 1796 and one of 1797 (half dollars)" in order to determine if indeed these are the same coins that appeared in the 1997 Bowers and Merena sale of the Eliasberg collection.
This Mint State specimen nicely displays the diagnostic die crack that extends from the edge at 5 o'clock to Liberty's bust, where it turns right through the drapery and connects stars 15, 14, and 13 before returning to the rim at about 3 o'clock. This crack is visible on nearly all known examples of the 15 Stars variety of the 1796 half dollar. A semi-circular crack also travels from below the lowest neck curl into the drapery where it connects, in the middle fold, to a horizontal crack that is actually a part of the previously mentioned one that extends through the drapery to star 15. This latter series of cracks is visible only on lightly worn or Uncirculated examples of the 1796 15 Stars half.
As noted in the Bowers and Merena catalog, the Eliasberg specimen displays prooflike fields, indicating that it may have been minted for a special occasion. The motifs exhibit above average to excellent striking characteristics, with sharp detail in Liberty's hair and the eagle's wing and tail feathers. The dentilation is strong on both sides, and the design elements are well centered on the planchet. The centers display iridescent gold and champagne toning with splashes of sky-blue and lavender, and medium gray patination covers most of the border areas. A few light diagonal adjustment marks extend from the upper middle parts of Liberty's hair toward the temple and ear. Wispy, unobtrusive handling marks on the cheek, neck, and chest and in the fields of each side are well within the confines of the grade designation.
A simply outstanding Draped Bust, Small Eagle half dollar that once resided in the collection of one of America's best known numismatists. An opportunity such as this may not occur again for decades.

Coin Index Numbers: (NGC ID# 24E8, PCGS# 6057, GSID# 6124)

Metal: 89.24% Silver, 10.76% Copper
Weight: 13.48 grams
ASW: 0.38676oz
Mintage: 3,918

View Certification Details from PCGS