1828 50C Square Base 2, Small 8, Large Letters AU50 PCGS....

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Elusive 1828 O-123 Half Dollar, AU50

1828 50C Square Base 2, Small 8, Large Letters AU50 PCGS. O-123a, High R.5. The obverse appears on O-122 and O-123, and is usually recognized by the small patch of die lines left of the date. The reverse has a small corrugated patch below the left wing. In its earlier state, the reverse die appeared on O-113 and 114. The Overton reference suggests that the reverse defect only appears on late states, but Don Frederick comments that it appears on every example he had seen.
This piece clearly shows all of the die markers including a retained cud outside of stars 5 and 6. Only five or six finer examples of this variety are identified today. When Don Frederick bought it in December 1974, he considered it to be the finest known. The O-123 die marriage is an elusive variety with only about 30 to 40 examples known in all grades. This piece ranks high on the list of survivors.
Despite a few faint hairlines in the fields, this piece has light gray surfaces with ivory and delicate gold toning. Slightly deeper iridescence appears along the border on each side.
From The Donald R. Frederick Collection of Early U.S. Coinage: Bayside Part II.

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