1797 50C O-102, T-2, Low R.6, Fine 15 PCGS. Amato-511....

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1797 Half Dollar, Well-Defined Fine 15
Challenging Overton-102 Variety

1797 50C O-102, T-2, Low R.6, Fine 15 PCGS. Amato-511. Tompkins Die State 1/1. In addition to their rarity, all 1796 and 1797 half dollars are of great numismatic interest, not the least of which is why they were struck at all in such small quantity. The Mint was not overly strapped for silver bullion, nor could such a small mintage have served any meaningful purpose in circulation. Perhaps the sparse production was simply to test public reaction to the new Draped Bust Small Eagle design.

All 1796- and 1797-dated Small Eagle half dollars were struck in calendar year 1797, with a total combined mintage of just 3,918 pieces. Recent research by Steve Tompkins indicates that quantity was about equally divided between the two dates. A single reverse die lasted for the entire 1796 production, paired with the 1796 15 Star and 16 Star obverses. The reverse die was then carried over to strike the 1797-dated pieces (which had, curiously, 15 obverse stars). The reverse lasted for only a short while before it succumbed, and a new die was needed to finish the brief 1797 production. Even clever and resourceful Chief Coiner Henry Voigt could not figure a way to make the Draped Bust, Small Eagle dies last.

Few type collections of U.S. coins include an example of the 1797 O-102 die pair. The final Small Eagle reverse differs slightly from the first reverse in terms of the wreath alignment with respect to the peripheral lettering. The rarity rating for 1797 Overton-102 is the highest of all four 1796-1797 half dollar varieties. Only about 35-45 examples of the O-102 variety are known, and nearly all are in the low- to mid-grade levels.

This Choice Fine example displays highly attractive, uniform slate-gray toning, and its design features are well-defined for the designated grade. Liberty's hair shows considerable detail, as does the drapery around the bust, and the shoulder is clearly separated from the hair. The reverse is also relatively strong, with the eagle's right (facing) wing exhibiting nearly all the feather detail, and nearly complete separation of the torso, wings, and left (facing) leg.

Much of the coin's design detail is actually Very Fine. Indeed, PCGS may have downgraded this piece because of a few old pinscratches in the lower-right obverse field. They do not detract and serve to identify the piece, as does a tear-drop planchet void below the eye. This is a nice, originally toned coin for the type collector or the date/variety specialist, and it offers an important opportunity for the dedicated collector looking to fill out a set of 1796-1797 Small Eagle Overton varieties. Ranked #68 on the List of 100 Greatest US Coins.
Ex: Stack's (11/1968), lot 716, where it brought $2,150; ANA Signature (Heritage, 8/2011), lot 7137; ANA Signature (Heritage, 8/2016), lot 4078; ANA Signature (Heritage, 8/2019), lot 3742, where it sold for $43,200.
From The Schwenk Family 100 Greatest Coins Collection.

Coin Index Numbers: (NGC ID# 24EC, Variety PCGS# 39266, Base PCGS# 6060, Greysheet# 193711)

Weight: 13.48 grams

Metal: 89.24% Silver, 10.76% Copper

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