Capped Bust Half Dimes by Date: Choice to Gem Quality

Public Sales of Choice Graded Capped Bust Half Dimes

Most MS-63 to MS-64 grade Capped Bust half dimes sell for amounts between $700 and $1500 each. Gems in contrast are likely to cost at least $2250. MS-67 grade coins usually retail for much more than $10,000 each. 

Prices realized in public sales are cited to provide an idea of availability and costs. Prices will vary depending upon the individual characteristics of the respective coin. Auction prices tend to fall between wholesale and retail levels, though may be either wholesale or retail depending upon who was bidding on the respective coin in a particular event. There are many variables relating to transactions of coins. 

On August 14, 2019, Stack’s-Bowers auctioned a CAC approved, PCGS graded MS-64 1829 half dime for $1020. On June 7, 2020, GreatCollections sold a CAC approved, NGC graded MS-64 1830 half dime for $1040.62. All coins mentioned in this discussion were graded by PCGS or NGC. A coin that was CAC approved was submitted to CAC after having already been graded by PCGS or NGC. 

On March 24, 2020, Stack’s-Bowers auctioned a CAC approved MS-64 grade 1831 half dime for $1320, a retail level price. On December 22, 2019, GreatCollections sold a PCGS graded MS-64+ 1832, which was CAC approved at the MS-64 level. Experts at CAC ignore the plus aspects of plus grades assigned by PCGS and NGC. This 1832 half dime realized $1293.75. 

On April 21, 2019, GreatCollections sold a CAC approved MS-63 grade 1834 half dime for $736.88. On June 11, 2018, the Goldbergs auctioned a CAC approved MS-64 grade 1835 ‘Large Date – Large 5 C.’ half dime for $1290. 

In November 2018, Heritage auctioned a CAC approved, MS-64 grade 1835 ‘Small Date – Small 5 C.’ half dime for $960. On January 13, 2019, GreatCollections sold a CAC approved, MS-63 grade 1836 half dime for $765.

Population of Choice Capped Bust Half Dimes

Choice Uncirculated 1837 half dimes are not often offered. While references and dealers tend to emphasize that the 1837 ‘Small 5 C.’ is much scarcer than the 1837 ‘Large 5 C.’ variety, even collectors who ignore the varieties should become aware that 1837 half dimes in general are the scarcest of the Capped Bust design type. 

As of November 15, 2020, NGC reports having graded just 276 Capped Bust 1837 half dimes. In contrast, NGC has graded 470 1836 half dimes, 1020 1835 half dimes, 717 1834 half dimes, 708 1833 half dimes, 1059 1832 half dimes, 855 1831 half dimes, 694 1830 half dimes and 780 1829 half dimes. These numbers refer to business strikes, not Proofs, though only an extremely small number of Proof Capped Bust half dimes survive. Collectors interested in Proofs may wish to read my discussion about collecting Proof half dimes by design type. 

For half dimes dating from 1829 to 1835, CAC has approved more than eleven hundred. In the CAC framework, the 1832 seems to be the least scarce. CAC has approved 194 1832 half dimes, twice the number of 1836 half dimes that have been CAC approved, ninety-seven, forty-seven of which are of the ‘Small 5 C.’ variety. 

PCGS has graded more than 650 1836 half dimes, with the ‘Large 5 C.’ variety outpacing the ‘Small 5. C.’, 432 to 223. PCGS has graded 423 1837 Capped Bust half dimes, 336 ‘Large 5 C.’ coins and 87 ‘Small 5 C.’ half dimes. As 1837 ‘Small 5 C.’ half dimes tend to be the most expensive of all Capped Bust half dimes, these are more likely to be submitted for certification.

Values of Certified Capped Bust Half Dimes

The likelihood of a coin being certified is largely, though not entirely, a function of its value. While most coins worth less than $100 each are uncertified, an extremely large percentage of U.S. coins valued at more than $2000 are certified. All MS-63 or higher grade 1837 ‘Small 5 C.’ Capped Bust half dimes are worth more than $2000 each. 

NGC has graded 470 1836 and 276 1837 Capped Bust half dimes. In the NGC census online, a distinction is not made between ‘Large 5 C.’ and ‘Small 5. C’ varieties. 

CAC has approved just sixty-seven 1837 Capped Bust half dimes, as of December 12, 2020, forty-nine of the ‘Large 5 C.’ variety and eighteen of the ‘Small 5 C.’ variety. It may be true that all ‘mint state’ grade 1837 half dimes are rarer than most interested buyers realize. 

In December 2018, the firm of David Lawrence sold a NGC graded MS-63 1837 with a ‘Large 5 C.’ reverse, without a CAC sticker, for $800. Also in December 2018, Heritage sold a CAC approved MS-64 1837 with a ‘Large 5 C.’ reverse for $1740. In February 2020, Heritage auctioned a PCGS certified MS-63-Prooflike 1837 with a ‘Large 5 C.’ reverse, without a CAC sticker, for $2160. So far as I know, these are the only three PCGS or NGC graded MS-63 or MS-64 1837 ‘Large 5 C.’ half dimes, with or without CAC approval, which have been publicly sold from December 2018 to October 2020. 

I am unaware of any certified MS-63 or higher grade 1837 ‘Small 5 C.’ half dimes having been publicly sold from 2016 to 2020. Including both ‘Large 5 C.’ and ‘Small 5 C.’ varieties, CAC has approved five 1837 Capped Bust half dimes as MS-63, three as MS-64, eight as MS-65, five as MS-66 and one as MS-67. It is realistic to expect to be able to acquire a CAC approved ‘mint state’ 1837 half dime, sooner or later.

Gem Quality Capped Bust Half Dimes

A set of gem quality Capped Bust half dimes is a practical objective. Such a set, though, is considerably costlier than sets of lower grade Capped Bust half dimes. For those who can afford such a set, and truly appreciate gem quality silver coins, this may be a sensible and enjoyable quest. Besides, gem quality Capped Bust half dimes tend to be dramatically less expensive than other gem quality silver coins from the same time period. 

Especially attractive, gem quality Capped Bust half dimes are much easier to find than similar Capped Bust dimes or quarters. Though most dates in the series of Capped Bust half dollars are available in a wide range of grades, gem quality Capped Bust halves are usually not as prettily toned as analogous gem Capped Bust half dimes. 

In my view, MS-65 and MS-66 grade Capped Bust half dimes are better values than MS-67 or MS-68 grade coins. On average, a certified MS-67 Capped Bust half dime will cost more than twice as much as a similarly certified MS-66 Capped Bust half dime that was struck from the same pair of dies. I find that naturally and richly toned, CAC approved MS-66 grade Capped Bust half dimes are particularly appealing.

Auction Prices of Gem Quality Half Dimes

On August 18, 2019, GreatCollections sold a CAC approved MS-66 grade 1829 half dime for $4696.88. On June 5, 2020, Heritage auctioned a CAC approved MS-66 grade 1831 for $6900. 

On November 14, 2019, Stack’s-Bowers auctioned a PCGS graded MS-66+ 1832, which was CAC approved at the MS-66 level, for $4800. On August 2, 2020, GreatCollections sold a CAC approved MS-65 grade 1833 half dime for $2989.12. On May 31, 2020, GreatCollections sold a CAC approved MS-65 grade 1834 half dime for $2925. 

There exist 1834 ‘3 over Inverted 3’ and 1836 ‘3 over Inverted 3’ varieties. Rather high magnification is required to inspect these varieties. Uncirculated representatives are rare, though there may be some around that have not yet been identified. While these are often billed as being important, they should be classified as very minor varieties, as the defining characteristics are hardly noticeable. 

Assembling a set of uncirculated Capped Bust half dimes by die pairing would require years, a microscope and much concentration. I suggest assembling a set ‘by date’ before even thinking about all the die pairings or subtle varieties. 

Forming a Set of Capped Bust Half Dimes by Die Pairing

While most collectors of Capped Bust half dimes will decide to collect coins of a different type after completing a set ‘by date,’ once in a while someone will decide to build a set by die pairing. Collectors of die varieties usually focus on circulated coins. For many die pairings in the realm of classic U.S. coins overall, there are no survivors in choice to gem ‘mint state’ grades. In other cases, a gem representative of a mint state example of a scarcer variety will cost much more than the least scarce variety of a given ‘date.’ 

For a set ‘by date,’ die varieties that command premiums may be avoided. As noted in my discussion about collecting XF to AU grade Capped Bust half dimes ‘by date,’ the 1835 ‘Large Date’ and the 1835 ‘Small Date’ are generally collected as two different dates of the same year. 

A MS-65 grade 1835 ‘Small Date – Small 5 C.’ will tend to cost less than a MS-65 grade 1835 ‘Small Date – Large 5 C.’ variety, though this is not true in every instance. A collector assembling a set ‘by date’ will be likely to tend towards the 1835 ‘Large Date – Large 5 C.’ and the 1835 ‘Small Date – Small 5 C.’ 

On April 14, 2019, GreatCollections sold a CAC approved MS-65 grade 1835 ‘Small Date – Small 5 C.’ half dime for $4278.38. In April 2018, Heritage auctioned a CAC approved MS-66 grade 1835 ‘Large Date – Large 5 C.’ half dime for $4800. 

Regardless of reverse variety, the 1836 is approximately as much of a condition rarity in gem grades as the 1835 ‘Large Date.’ On August 6, 2020, Stack’s-Bowers auctioned a CAC approved, PCGS graded MS-65 1836 ‘Small 5 C.’ for $3600 and a CAC approved, NGC graded MS-65 1836 ‘Large 5 C.’ for $5280. 

The 1837 Capped Bust Half Dime in Gem Quality

In the gem quality range, MS-65 to -68, the 1837 is the leading date of the series of Capped Bust half dimes. As the 1837 ‘Small 5 C.’ reverse variety is an extreme condition rarity in MS-65 and higher grades, I suggest that a connoisseur of gems not be hopeful about obtaining a suitable 1837 ‘Small 5 C.’ variety half dime. Indeed, it may be very difficult to find a very appealing 1837 ‘Large 5 C.’ reverse variety for a set of gem Capped Bust half dimes. 

I am unaware of any gem quality 1837 ‘Small 5. C’ half dimes having publicly sold during the last decade. From June 2015 to early November 2020, a period of around five and a half years, only four MS-65 or higher grade 1837 ‘Large 5 C.’ Capped Bust half dimes were publicly sold, as far as I know. Not one of these four had a CAC sticker. The only one of the four to publicly sell over the last three years was a PCGS graded MS-65 1837 half dime that was auctioned for $5040 at the FUN Convention that was held in January 2019. 

Two wonderful CAC approved gem 1837 Capped Bust half dimes were auctioned during the Spring of 2015. Although I have not seen the vast majority of the coins mentioned in my series of collecting guides, I did closely examine these two coins. 

On March 27, 2015, Stack’s-Bowers auctioned a CAC approved, MS-65 grade 1837 Capped Bust half dime for $5287.50. In my opinion, this 1837 scores very high in the category of originality. Moreover, this coin is more than very attractive. Indeed, this 1837 is more appealing in actuality than it appears to be in published images. This purchase in March 2015 was a good value. 

I was even more enamored by the Pogue Family Collection 1837 Capped Bust half dime that Stack’s-Bowers and Sotheby’s auctioned on May 19, 2015. Although CAC is not mentioned in the catalogue, about two-thirds of the coins in the Pogue I auction were CAC approved in 2014 or early in 2015, including this PCGS graded MS-66 1837 Capped Bust half dime, which was enticing. 

Mellow brown-russet tones in the center contrast well with blue, green and orange-russet in the fields. The reverse was even more attractive than the obverse. The russet-gray eagle is surrounded by blue inner fields, along with green hues in the upper reverse. The Pogue Family Collection 1837 Capped Bust half dime sold then for $22,325, a strong price in May 2015. Market values for rare silver coins have since declined.

Conclusion

Assembling a set of gem quality Capped Bust half dimes ‘by date’ is not very difficult. Collectors should be on alert for offerings of an appealing, gem quality 1837. In regard to most dates, collectors may relax, wait and select a gem coin with especially attractive toning. Indeed, within several years, a collector could put together a very attractive and positively distinctive gem quality set of Capped Bust half dimes.

Greg has carefully examined thousands of truly rare and conditionally rare classic U.S. coins, including a majority of the most famous rarities. He is also an expert in British coins. He is available for private consultations.