Choice AU 1796 15 Stars Half Dollar, O-101

1796 50C 15 Stars, O-101, R.5 AU55 NGC. The Draped Bust Small Eagle half dollar, bearing the dates 1796 or 1797, ranks among the lowest mintage of U.S. type coins (3,918 pieces). Only the one-year-type Capped Bust No Stars and Capped Draped Bust quarter eagles (1796 and 1808, respectively) and the Gobrecht dollar (1836-1839) record lower mintages. On the other hand, the 1796-1797 half ranks highest in value among U.S. type coins on a grade by grade basis.
The Bank of the United States might well be considered the "parent" of the 1796-1797 half dollar. Mint records show that these coins were produced from silver ingots deposited by the Bank, that in turn received the following deliveries: 60 half dollars on February 28, 1797 per warrant 81, 874 pieces on March 21, 1797 under warrant 84, and 2,984 coins on May 26, 1797 per warrant 90. Had the Bank not made silver bullion deposits during this time, or had not requested that it receive half dollars in return, it is quite likely that there would have been no coinage of Draped Bust Small Eagle halves!
This Choice AU 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.
Underlying brilliance shows through the soft champagne-gold patina covering the central areas that are imbued with whispers of powder-blue and lilac, framed by slightly deeper hues of sky-blue and golden-tan at the margins. An impressive strike brings out strong delineation on the design elements, including excellent detail in Liberty's drapery and most of the hair. The eagle's wing feathers are virtually complete, while the usual softness is seen on the torso and legs. Bold dentilation occurs on both sides, each of which displays nicely-centered design features. Light adjustment marks are visible in portions of the obverse fields, and heavier ones are located in the hair at and below the ear. The latter have a slight upper right to lower left alignment that might help in identifying the coin. A couple of small contact marks between star 5 and the flowing ribbons, a couple more under the chin, and another to the lower left of the left (facing) wing may also serve as pedigree markers. A shallow curved scratch concealed in Liberty's upper hair and a straighter one extending from left of star 13 to above the left (facing) breast are mentioned for complete accuracy.
This is a tremendous opportunity for the Draped Bust Small Eagle half dollar aficionado to add a high-grade piece of Americana to her/his type set, or even to a date/variety collection of early halves. (#6057)

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