Extremely Rare O-118 1825 Half Dollar VF20
Only the Third Known Example

1825 50C VF20 ANACS. O-118, R.8, One of Three Known. The O-118 1825 half is one of only three R.8 varieties within the entire Capped Bust half series. The O-149 1827 and the O-120 1829 are the other two R.8 varieties. For the 1825, Overton-118 is identified by a heavy vertical die break between the 25 in the date. Two Bust half experts, Glenn Peterson and Brad Karoleff, believe the break occurred during hardening of the die prior to use. This die break undoubtedly led to early disposal of the obverse die. The reverse die continued in use, paired with a different obverse to strike O-103. The workhorse reverse die earlier struck the 1824 O-116.
Just three examples of O-118 are known. Al Overton, who died in 1972, was unaware of the variety. According to an April 7, 2008 Coin World article, the discovery piece was found at an Oregon coin shop by Olin Carter, circa 1983. Per Capped Bust authority Sheridan Downey, "it is the Overton plate coin, graded Fine for sharpness but with dull, washed out surfaces."
The second O-118 to surface was sold unattributed within a group lot to Charles Erb, circa 1990. Erb's example found its way to Charlton "Swampy" Meyer Jr., who owned the most complete die variety collection of Capped Bust halves. According to Downey and Coin World, that example "grades VF with attractive album toning on the obverse. The reverse is lightly wiped."
The April 7 Coin World article states, "based on the conditions of the other two examples of the variety, the new discovery [of O-118] would be the finest known. ... Sheridan Downey believes the new discovery ... could bring from $75,000 to $100,000."
The present piece, the third known O-118 1825 half, displays deep apple-green and gunmetal-gray toning. The fields are slightly glossy and exhibit a few hair-thin marks, made nearly imperceptible by the toning. A thin, slender mark near the ear is also unobtrusive. Wear is even and moderate, with ample plumage definition present on the eagle.
To the best of our knowledge, this is the first major auction appearance for the variety, which was absent from the extensive and formidable die variety collections of Jules Reiver and Russell Logan. The next owner of the present lot may hold it for many years, then sell it privately or even donate it to a museum and permanently take it off the market. The opportunity to acquire an O-118 1825 at public auction is here, but fleeting.(Registry values: N208) (#6142)

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