by Greg Reynolds for CoinLink

Half dollars will be in abundance in Baltimore. A large number of people collect bust halves, and a fair number of half dollar collectors will travel to Baltimore. Many others will have dealers represent them. The pre-ANA auctions will include ample offerings of bust halves, though less than I expected.

The highlight is the second or third finest known 1797 half dollar. Draped Bust, Small Eagle halves were minted only in 1796 and 1797. Both dates are very rare!

Stack’s will be offering the Norweb 1797 half, which is NGC graded MS-66. It is the second finest 1797 half that I have ever seen, and it is a coin that I very much like. It is certainly surpassed by the Lelan Rogers 1797 half, which is (or was) also NGC graded MS-66.

The Norweb 1797 half was last auctioned in March 2004 as part of the Haig Koshkarian type set. Dr. Haig, as he prefers to be called, purchased this coin ‘in person’ at the Norweb III auction in November 1988. This is the same Norweb auction event in which the highest graded 1861 Philadelphia Paquet Double Eagle was sold. This Philadelphia Paquet will be on display at the Monaco table at the ANA Convention.

The Norweb-Koshkarian 1797 half realized $966,000 in 2004, an auction record for any half dollar that still stands. This Norweb-Koshkarian 1797 half is certainly one of the five finest pieces of the entire 1796-97 type. The Rogers-Whitney 1796 half and the Knoxville 1796 half are also high in the condition rankings, for the type.

Flowing Hair halves of 1794 and 1795 are generally less expensive than 1796-97 Draped Bust, Small Eagle halves. Stack’s is offering multiple 1794 and 1795 Flowing Hair halves. In the B&M sale, there is one 1795 half, which is NGC graded AU-53. Superior is selling a 1795 half that is NGC graded AU-58.

Rich Uhrich is a dealer who specializes in die varieties of bust silver coins. His personal collection was auctioned by Stack’s in February. Uhrich concludes that “1794 and 1795 halves are more popular than Draped Bust halves” with either ‘Small Eagle or Heraldic Eagle reverses. “There is just something about the appeal of coins with dates in the 1700s,” Moreover, Uhrich observes that “there are many people trying to complete sets of all the varieties of Flowing Hair halves but are not collecting Draped Bust half varieties.” Also, Uhrich has found that “a lot of collectors who are not ready to spend the money for a 1794 silver dollar demand 1794 half dollars,” which are much less expensive.

A fair number of Draped Bust, Heraldic Eagle halves are coming up in the Pre-ANA auctions. An 1802 in the B&M auction is PCGS graded VF-35 and has a CAC sticker of approval. Stack’s is offering two PCGS certified 1803s, one in EF-40 grade and the other is graded VF-20. B&M will sell three different varieties of 1806s. One is NGC graded AU-50; another is PCGS graded EF-45 and the third is PCGS graded Good-06. Plus, Superior is offering an 1806 that is PCGS graded MS-63.

The Stack’s sale contains three NGC certified Draped Bust 1807 halves, all of different die varieties, which grade AU-58, AU-55 and VF-25, respectively. The Superior sale has one that is PCGS graded EF-40. So, date-collectors, die variety collectors, and those building type sets all have Draped Bust, Heraldic Eagle halves from which to choose in the Pre-ANA auctions. There will also be offered a quantity of Capped Bust halves, though the offerings in this area are not exemplary.

Stack’s is offering five 1826 Capped Bust halves, all of different die varieties. One does not qualify for a numerical grade. A second is PCGS graded AU-55. Two are graded MS-64, one by PCGS and one by NGC. The fifth is NGC graded MS-66. B&M is also offering an 1826 that is NGC graded MS-64. Rarer die varieties of many dates in the Capped Bust half series are sometimes worth dramatically more than relatively less rare die varieties.

An 1828 half in the B&M sale is said by the cataloguer, who refers to a published work by Stephen Herrmann, to be the finest known of a particular die variety. It is PCGS graded MS-65 and has a CAC sticker of approval, indicating that the CAC finds that its quality is ’solid’ for the MS-65 grade. Interestingly, this coin is accompanied by two ‘auction lot tickets’ from previous auctions in which it was sold, a 1972 sale by legendary dealer Lester Merkin and a 2006 ANR auction.

An 1832 ‘Small Letters’ half in the B&M auction attracted my attention while I was browsing the catalogue. While this issue may be the most common of bust halves, it is hard to find in MS-65 and higher grades. This piece is NGC graded MS-66, and the images suggest that it may have neat, colorful, even toning. There are two 1832 ‘Small Letters’ halves in the Stack’s sale. Both are PCGS certified, one as MS-63 and the other as MS-64. Buyers may wish to consider these as type coins.

The 1836 half is the rarest date of the 1836-39 design type. This type is generally termed ‘Reeded Edge,’ and the 1807-36 type is termed ‘Lettered Edge’ in contrast. The difference in the edges, however, is just one of several distinctions between these two types. It is apparent, for sure, that the portraits of Miss Liberty are quite different.

Rich Uhrich declares that “most collectors who seek die varieties of bust halves do not collect varieties of ‘Reeded Edge halves, or do not collect ‘Reeded Edge’ halves at all. They stop with the last ‘lettered edge’ half of 1836.” Uhrich believes that one reason why this is true is that “the Overton and Peterson books on half dollars do not include ‘Reeded Edge’ halves.” A prime reason, in my view, is that minting technology changed in 1836 and ‘Reeded Edge’ halves have different fabric, texture, and technical characteristics. Personally, I like the ‘Reeded Edge halves more, though I realize that my view is in the minority. Regardless of the underlying reasons, Uhrich seems sure that “there is a sharp drop-off in demand for ‘Reeded Edge’ versus ‘Lettered Edge’ halves.” Uhrich strongly believes that “for collectors, Reeded Edge halves are a good value now.”

There are three 1836 ‘Reeded Edge’ halves in the Stack’s sale, a PCGS graded AU-50 coin, an NGC graded EF-40 and one that has been authenticated by the NCS but does not qualify for a numerical grade. The B&M auction features one, and it is NGC graded MS-61, which is a very high grade for the issue. The PCGS and NGC data certainly way overstate the number of 1836 ‘Reeded Edge’ halves that merit grades of MS-60 or higher.

This year’s pre-ANA auctions will not be remembered as landmark sales of Liberty Seated Halves. There are some type coins, like the 1854-O with Arrows that Superior will ‘put on the block.’ It is PCGS graded MS-64.

The highlight of the pre-ANA offerings of Liberty Seated halves is probably the several gem quality, prooflike pieces from the “Phelan” collection that B&M will sell. These may be really cool. Consider the following NGC certified half dollars: 1877 MS-67 PL (prooflike), 1879 MS-66 PL, 1880 MS-66 PL, 1882 MS-66 PL, 1887 MS-67, and 1890 MS-67 PL. The Phelan collection also contains some prooflike, high quality Liberty Seated Quarters. It is intriguing that a collector focused on gem quality, prooflike business strikes of Liberty Seated coins.

As for Barber Halves, the B&M sale contains several that are PCGS or NGC graded MS-65 or higher. A 1902-S that is PCGS graded MS-66 with a CAC sticker reminds me of the 1902-S dime mentioned in part 1 that is also PCGS graded MS-66 with a CAC sticker.

In this sale, another PCGS graded MS-66 Barber half with a CAC sticker is the Eliasberg 1907-O. Collectors sometimes forget that the Eliasberg collection of Barber halves was phenomenal. The Eliasberg, Thaine Price, and John Hugon collections of Barber halves are probably the three finest sets of this type that have ever been publicly auctioned, and all in the last dozen years.

Of course, there are many other Barber halves in the pre-ANA auctions, along with Walkers and Franklins. Coins that are ideally suited for particular collections are not necessarily newsworthy. Different collectors have different tastes, preferences, budgets, and objectives.

To build a collection that is meaningful in the framework of the traditions of coin collecting in the U.S., it is beneficial for collectors to learn how individual coins and collections are valued and appreciated in accordance with the evolved rules of the coin collecting community. It is not necessary, though, to become an expert in order to enjoy building a logically meaningful collection. It may be necessary to learn enough ‘to get by’ and to often seek advice from at least one straightforward expert.

Related posts:

1. Pre-ANA Auctions Preview, Part III of III: Silver Dollars & Gold Coins
2. Pre-ANA Auctions Preview, Part I of III: Cents, Nickels, Dimes & Quarters
3. The Frederick Collection of Bust Half Dollars to be Offered in Milwaukee by Heritage
4. Collecting Date Sets of Liberty Seated Coinage – Part 1: Dollars and Half Dollars
5. David Lawrence Auctions offering Classic 1802 Half Dime
6. PCGS To Dispaly All-Time Finest Registry Set of Early U.S. Half Dollars at FUN
7. Astonishing 1907 Denver Mint Double Eagle ($20 gold coin) Sells for More Than a Half Million Dollars
8. Counterfeit Seated Half Dollars Alert!!
9. DLRC Auctions to Sell Million-Dollar Collection of Proof Seated Dollars: “The Southern Seated Dollar Collection”
10. The Millennia Collection – NGC Gallery Preview