Photos and descriptions used with permission and courtesy of Heritage Auction Galleries

[Editors Note] This coin was auctioned at the Heritage Long Beach Signature Sale #460  lot 600 on February 13, 2008. Purchase price $632,500.

What defines a classic American numismatic rarity? Is it an extremely low mintage figure, or are certain coins considered classics because of their combination of a beautiful design, historical significance, and limited availability? Perhaps it is the mystique surrounding special coins, such as the 1913 nickel, 1804 dollar, or the 1933 double eagle that account for their status as classic rarities and their accompanying multi-million dollar price tags. By all of the above attributes, the 1838-O is a classic and, unequivocally, one of the most celebrated and sought-after properties in America’s numismatic history. However, it is the mystery surrounding the 1838 O-mint halves that tends to elicit the most intrigue from collectors, dealers, and researchers alike.

First of all, how many were struck? The generally accepted mintage figure is 20 coins, based upon a handwritten note that accompanied the 1838-O half dollar sold as lot 583 in the June 1894 Friesner Collection by Edouard Frossard. As recorded in Breen (1988), the handwritten note was inscribed as follows: “The enclosed specimen coin of the U.S. branch mint at New Orleans is presented to Pres. Bache by Rufus Tyler the coiner. It may be proper to state that not more than 20 pieces were struck with the half dollar dies of 1838.” (more…)

Photos used with permission and courtesy of Heritage Auction Galleries

Description:

In 1856, a newly durable gold dollar was released by the Mint. Dubbed “the Large Head type,” Longacre’s new design was very similar to that of the Small Head type, but the size of the Indian head on the obverse increased, while at the same time it became more flat. The headdress changed location as well, and the details of the face were slightly altered.

The new type was minted continuously at Philadelphia, but in certain years quantities were also produced at Charlotte, Dahlonega, and San Francisco.

In addition, proofs were minted at Philadelphia from 1859 on. The quantity of proofs minted each year ranges from an estimated 15 in 1856 to 1,779 in 1889. In total, the quantity of coins minted each year ranges from 420 in 1875 to 1,764,396 in 1856. Production of the gold dollar was discontinued in 1889, but the coin continued to circulate in some areas until the country abandoned the gold standard in the early 1930s. (more…)