LOT #3414 |
Current Bid: $410,000
1792 H10C Half Disme, Judd-7, Pollock-7, R.4, MS68 PCGS....
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Description
1792 Judd-7 Half Disme, MS68
Billed as the Rittenhouse Specimen
The Sole-Finest Certified Example
1792 H10C Half Disme, Judd-7, Pollock-7, R.4, MS68 PCGS. Ex:
David Rittenhouse / 1st US Mint Director [per PCGS]. Brilliant mint
luster in the obverse and reverse fields produces delightful
field-to-device contrast on this example that features outstanding
preservation and a commanding appearance. This example is
remarkably free of contact as the extraordinary PCGS MS68 grade
attests. Several mint-made characteristics are useful identifiers,
including evidence of planchet preparation across the eagle's
breast where the design is not fully defined. These
characteristics, inherent to manufacture, will prove valuable to
confirm the coin's identity in past and future appearances. The
rich natural patina is equally compelling with soft silver-gray
that serves as a foundation for a display of rose, amber, gold, and
vivid blue toning that enlivens as the coin is angled under a light
source. Taken together, the exceptional state of preservation,
energetic mint brilliance, colorful original patina, and
distinctive production characteristics create a memorable specimen
of uncommon visual and technical distinction.Historical Commentary
The 1792 half disme is of singular significance in American numismatics and U.S. history. It has been traditionally included among the experimental issues and patterns of 1792, but surviving documentary and physical evidence points to a more consequential identity: the silver half disme was the first circulating American coin struck under the authority of the Mint Act of April 2, 1792. Congress had previously authorized experimental national coinages under the Articles of Confederation, most notably the Fugio cents of 1787, but while these have legitimate claims in discussions of America's earliest coinage, they predated the federal Mint established under the Constitution. The 1792 half disme was not merely a contract coinage, but what President George Washington would later call the nation's "small beginning" in federal coinage, and an early expression of the monetary sovereignty of the new United States.
The creation of a national mint was an important assertion of independence. Following passage of the Mint Act on April 2, Washington nominated David Rittenhouse as Director of the Mint just 11 days later on the 13th. Rittenhouse, in turn, immediately began acquiring property, machinery, and workers to erect and staff permanent Mint buildings in Philadelphia, evidently determined to produce the first federal coinage under the Constitution as quickly as possible. The acquisition of labor resources and machinery, however, outpaced construction of the Mint buildings themselves. As a result, much of the equipment Rittenhouse had acquired for the Mint, including a coin press, was temporarily housed at the establishment of Philadelphia sawmaker John Harper, at Sixth and Cherry Streets. It was here that the initial coinage of the Mint is believed to have likely taken place.
On July 9, having hired Henry Voigt as Chief Coiner, and other workmen necessary for coinage to commence, Rittenhouse wrote Washington requesting permission to coin copper cents and half cents as well as small silver denominations, specifically dismes and half dismes. Washington approved the proposal immediately, and the following day funds were authorized for the Mint property, repairs, wages, and copper purchases. Coinage under the authority of the Mint Act could officially commence at Rittenhouse's discretion.
Thomas Jefferson, Secretary of State and the cabinet officer then responsible for the Mint, enters the story of the half disme on July 11, 1792. On that day, in his private account book, he recorded the following notation: "Delivd. 75 D. at the Mint to be coined." Two days later, on July 13, he wrote: "Recd. From the Mint 1500 half dimes of the new coinage." These entries represent the first documentation of official United States Mint coinage: 1,500 half dismes, representing $75, delivered to Jefferson on or by July 13. Washington's "small beginning" had come.
Precisely how the silver for this coinage was refined and processed so quickly remains less certain. Transforming $75 in raw bullion into finished coins in only two days would have required melting and refining the metal, rolling it into strips, cutting the planchets, annealing them, preparing their edges, and finally striking them. Given the reported coinage of 1,500 pieces, the endeavor seems impossible on that timeline. The late respected numismatist Eric P. Newman suggested that the silver may have been processed for coinage earlier than July 11, and that what Jefferson delivered to Rittenhouse at Harper's sawmill was not raw bullion but press-ready planchets. This hypothesis would provide a logical explanation for the compressed chronology revealed in Jefferson's writing, but surviving evidence does not establish it as fact. We know what Jefferson delivered and received in monetary terms, and when, but the intermediate steps in the manufacturing process are a matter of speculation.
Further account of the half disme coinage comes in the form of a remarkable April 9, 1844 memorandum, recording a conversation between Philadelphia antiquarian John A. McAllister, Jr. and longtime Mint official Adam Eckfeldt. According to McAllister, Eckfeldt remembered that the 1792 half dismes had been struck expressly for George Washington, who supplied $100 in "Bullion or Coin." Eckfeldt believed Washington distributed some of the coins as gifts, including pieces sent to Europe and others given to friends in Virginia. He also recalled that the Mint was not yet fully operational and that the coining machinery was in John Harper's cellar when the pieces were struck. For decades, the authorship of this memorandum was misunderstood, and it wasn't until recent history that its reliability was fully appreciated. The first known copy surfaced in 1943, after which Philadelphia numismatist Charles McSorley, Jr. incorrectly attributed it to Jonas R. McClintock. Walter Breen obtained another version in the 1960s, and Carl Herkowitz acquired a third in 1995. That final copy permitted Herkowitz and Joel J. Orosz to establish that the author was actually John A. McAllister, Jr. Their research, published in the American Journal of Numismatics, corrected the error of authorship that had been repeated in numismatic literature for decades.
McAllister's reveal as the author was significant for the credibility of the memorandum. Born in Philadelphia in 1786, he became a respected businessman, antiquarian, and authority on Philadelphia history. His obituary described a man whose extensive historical collections and knowledge were freely made available to researchers and emphasized the "unblemished reputation for honor and integrity" he maintained throughout his long life. This, along with his friendship with Eckfeldt, gives considerable weight to his record of their conversation, even though the memorandum necessarily remains a man's recollection, recorded more than half a century after the events surrounding the actual coinage took place.
The McAllister-Eckfeldt account also helps dispel two of the most persistent legends surrounding the half disme. Beginning in the nineteenth century, writers claimed that Martha Washington had posed as Liberty for the obverse portrait and that the coins had been struck from the Washington family's silver table service. Neither story is supported by contemporary evidence. Eckfeldt's statements to McAllister specifically recall George Washington supplying "Bullion or Coin," not tableware, and no reliable evidence connects Martha with the portrait. The romantic stories became entrenched through repetition, but have been largely removed from the historical account today.
The half dismes themselves were unmistakably experimental in appearance, especially when compared to the designs of coins struck later. The obverse depicted a left-facing bust of Liberty with short, curly hair, the date 1792 below, and the unusual inscription LIB. PAR. OF SCIENCE & INDUSTRY around the border. The reverse displayed a small flying eagle with HALF DISME and a star below, and UNI. STATES OF AMERICA around the perimeter. The silver pieces had a diagonally reeded edge and were struck with medal-turn die alignment. A unique copper impression known today (Judd-8) may represent a die trial preceding production of the silver pieces.
Whether the silver half dismes themselves should be classified as patterns has generated debate for generations. Their manufacture outside the unfinished Mint building, the absence of another federal half dime issue until 1794, and the unusual circumstances of their production, encouraged their traditional inclusion in the pattern series. Yet a production quantity of 1,500 pieces was far greater than normally required merely to test a design, and perhaps more importantly, the coins actually circulated.
After receiving the initial coinage of half dismes on July 13, Jefferson departed Philadelphia for Monticello. Up to this point, his transactional accounts had routinely contained irregular sums and references to pounds, shillings, and pence, reflecting the mixture of foreign and colonial currencies then in use in everyday American commerce. During his journey south, however, Jefferson recorded numerous expenditures denominated in half dismes, suggesting that he was spending the new federal coins he had just received.
Washington removed much of the remaining ambiguity of the purpose of the coinage later that year. In his November 6, 1792 address to Congress, he reported on the progress of the Mint and declared: "There has been a small beginning in the coinage of half dismes, the want of small coins in circulation calling the first attention to them." Washington's statement is significant because he explicitly connected the half dismes' production with the need for small coins "in circulation." His language strongly supports the interpretation of the half dismes as genuine circulation coinage rather than conventional patterns.
For many years, the 1,500 coins Jefferson received in July were assumed to constitute the entire production. However, modern study of surviving coins and their die states indicates that additional half dismes were likely struck after the Mint became operational in the autumn of 1792. Numismatic scholars Len Augsburger, Joel Orosz, and Pete Smith identified progressive reverse die states, including evidence of rust that could indicate a substantial interval between striking periods. Their work supports the likelihood of a second production run in October and also raises the possibility of an additional striking even later. Because the quantity of these later pieces was not recorded, estimates of the total mintage generally range from the documented 1,500 coins to approximately 2,000. The July pieces clearly entered commerce through Jefferson's expenditures, while some later pieces may have served a more ceremonial or presentation-oriented purpose, with their contemporary recipients preserving them as souvenirs of the new nation's first federal coinage. This would explain why the typical survivor has substantial wear from circulation, but about two dozen pieces are known in Mint State, including several celebrated Condition Census examples.
The celebrated example offered here is arguably the most extraordinary survivor and likely the finest known 1792 half disme, exceeding the numeric grade of even the famous Starr-Rodriguez example that is certified Specimen-67 (we handled the Starr-Rodriguez Specimen in August 2014). Its unequaled preservation suggests that it is more than simply a coin that escaped circulation, but perhaps a token of early Mint history, carefully set aside by an important government official or other distinguished recipient, as a memory of the birth of a nation's coinage.
Provenance of the Finest Certified Half Disme
When Henry Chapman sold a 1792 half disme in October 1919, he observed that it was one of four examples retained by David Rittenhouse and passed down through the Rittenhouse family for more than a century, writing:
"Uncirculated. Obv. evenly centered; on upper edge across the top of the coin and just above the inscription it is not struck up and shows the file marks in the planchet. [Rev] not evenly centered, the milling only around half of it as it is struck a trifle low. This specimen has an interesting history being one of four that belonged to David Rittenhouse, the Astronomer and First director of the U. S. Mint, 1792-1795 and has never been out of the family until now. It is now a light steel color but perfectly uncirculated and a little gem of the greatest importance historically and a rarity too."
While not plated, Chapman's description prompted 21st century observers to attach that provenance to the present coin. While the provenance is unverified, it is certainly possible. Past researchers have also connected this coin to lot 2029 in Thomas L. Elder's June 1921 auction of the George Tilden Collection of half dimes. The plate (obverse only) of the Tilden coin is not a match for this example so that provenance can be removed.
The definitive provenance presented below begins with its October 1988 auction appearance and is confirmed through plate matching and additional narrative. Stack's offered United States gold, silver, and copper coins in their public auction featuring "The Property of a New England Museum" that is not further identified. Following that auction, owners included Jay Parrino, the Knoxville Collection, Steve Contursi, and Martin Logies. Stack's Bowers offered this example as lot 13093 in their Americana Auction of January 2013 with the buyer identified as Brian Hendelson who sold the coin to the present consignor.
Reported Early Provenance
There is no proof that this coin is the coin that Henry Chapman sold in 1919 as the "Rittenhouse" example. We have census notes on 24 confirmed Mint State examples, 24 AU coins, and a few examples described as Uncirculated that are currently not linked to the others. Key comments in Henry Chapman's 1919 description include: Obverse evenly centered; planchet file marks above the obverse inscription; reverse not evenly centered and struck a trifle low; light steel color; perfectly uncirculated.
From our census of 48 AU and Mint State coins, the following seven half dismes show similarities to the Chapman description, while there may be other hidden examples:
MS68 PCGS. The present coin. New England Museum (Stack's, 10/1988), lot 536; Knoxville Collection (1988-2003); Jay Parrino; Private Collector (2003-2007); Steve Contursi (7/2007); to The Cardinal Collection for $1,500,000 (as MS68 NGC); Cardinal Collection (2007-2013); Americana Sale (Stack's Bowers, 1/2013), lot 13093, $1,145,625 (as MS68 NGC); Brian Hendelson; to the current consignor (5/2018), via private treaty for $1,985,000 (as MS68 PCGS). Previously exhibited at: Chicago ANA convention (2013), Mount Vernon (2014 and 2015), Denver ANA convention (2017), and ANA Money Museum in Colorado Springs, Colorado, 2018-2024.
MS67 PCGS. Malcolm O.E. Chell-Frost (1948 ANA); John Jay Pittman Collection (David Akers, 10/1997), lot 423; Patrick DeFrances (as agent for a private collector).
MS66 PCGS. Mid-American Rare Coin Auctions (5/1987), lot 721; Superior (1/1990), lot 2354; Heritage (1/2014), lot 5176; Heritage (8/2015), lot 3977; Heritage (1/2017), lot 5563; Del Loy Hansen Collection. Possibly Ex: Thomas Cleneay (S.H. & H. Chapman, 12/1890), lot 1627.
MS64 PCGS. Pacific Coast Rare Coin Auctions (6/1988), lot 25; Heritage (8/1995), lot 5941; Heritage (11/2005), lot 2055; Liberty Collection; Heritage (1/2013), lot 5569; Stack's Bowers (8/2023), lot 5022.
MS64 PCGS. William A. Bartlett Collection (Bowers and Ruddy, 11/1979), lot 2359; Irving and Joan Greenwald; Bowers and Merena (9/1995), lot 1177; Bowers and Merena (1/2005), lot 327; Stack's (7/2008), lot 4148; Stack's (1/2010), lot 3139; Stack's Bowers (3/2013), lot 2025; Heritage (6/2015), lot 3839.
MS63 PCGS. Bowers and Merena (9/1994), lot 945. Illustrated at PCGS CoinFacts in 2016.
MS62 NGC. Heritage (1/2024), lot 4038; Stack's Bowers (2/2025), lot 1041.
We make no claims today that the presently offered example is the same coin that Henry Chapman sold in 1919, yet we cannot rule out that possibility. Its condition alone points to remarkable circumstances around not only its preservation for 200 years, but the intent of whoever originally preserved this piece. Its importance is far beyond a mere name associated with its history. The 1792 half disme was, in Washington's enduring phrase, a "small beginning." From that beginning emerged the federal coinage system that endures today in all of its physical and digital facets. This coin's importance lies not merely in being the probable finest known of a scarce issue, nor in it being closely associated with the Founding Fathers, but rather also in representing the moment when the constitutional authority to coin money became a physical reality in the hands of the American people. That is a sentiment that perhaps no other single coin in American numismatics embodies as fully. Among the 100 Greatest U.S. Coins.
Ex: Property of a New England Museum; Stack's (10/1988), lot 536; later, Jay Parrino (The Mint); Knoxville Collection (1988-2003); Jay Parrino; Private Collector (2003-2007); Steve Contursi (7/2007); to The Cardinal Collection for $1,500,000 (as MS68 NGC); Cardinal Collection (2007-2013); Americana Sale (Stack's Bowers, 1/2013), lot 13093, $1,145,625 (as MS68 NGC); Brian Hendelson; to the current consignor (5/2018), via private treaty for $1,985,000 (as MS68 PCGS). Previously exhibited at: Chicago ANA convention (2013), Mount Vernon (2014 and 2015), Denver ANA convention (2017), and ANA Money Museum in Colorado Springs, Colorado (2018-2024).(Registry values: P9)
Selection from The Ronald Firman Collection.
Coin Index Numbers: (NGC ID# 22ZS, PCGS# 11020, GSID# 240963)
View all of [Selection from The Ronald Firman Collection ]
Auction Info
2026 October 8 - 9 GACC US Coins Signature® Auction #1397 (go to Auction Home page)
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Heritage Auctions - Dallas
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