Circulated 18th Century Half Dimes by Date

by Greg Reynolds

Assembling a Set of Half Dimes by Date

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The topic here is assembling a set of 18th century half dimes ‘by date.’ Flowing Hair half dimes date from 1794 to 1795, though they were all minted in 1795. Draped Bust, Small Eagle half dimes were minted in 1796 and 1797. There are no half dimes dated 1788 or 1799. 

Given the historical importance and scarcity of 18th century half dimes, they are good values from a logical perspective, especially when compared to prices recently paid for works of modern art, sports memorabilia and vintage comic books. Coins from the 1790s are antiques related to the early years and development of the United States. 

Very Fine to Extremely Fine grade 1794 half dimes generally cost in the range of $4000 to $10,000. CAC approved coins sometimes bring very large premiums. 

In June 2020, Heritage auctioned one of nine PCGS graded VF-35 1794 half dimes, this one without a CAC sticker, for $4320. In February 2020, Heritage auctioned a CAC approved VF-20 grade 1794 for $7200. In August 2020, Legend auctioned a CAC approved XF-45 grade 1794 for $9987.50.

The CAC population report lists six 1794 half dimes as having been approved at the XF-45 level. The CPG-CAC retail estimate for each was $9380 during February 2021. 

For collectors who cannot afford to spend as much as $7000 on a 1794 half dime, lesser quality 1794 half dimes may be considered. On August 6, 2020, Stack’s-Bowers auctioned a PCGS graded Good-06 1794, without a CAC sticker, for $2640. I do not know whether this coin is healthy. 

On November 14, 2019, Stack’s-Bowers auctioned a 1794 half dime that was found to be ungradable by NGC. It was said to have “XF Details” and it was noted on the NGC holder that the obverse was scratched. The scratches are noticeable, though not terrible; I have seen many early U.S. silver coins with worse scratches. The colorful toning may be very appealing. Would this coin fit well enough in a set of gradable XF to AU coins? As it realized $3600, there was not much downside risk for the buyer in the context of market values for 1794 half dimes. 

Patience may be required in order to acquire a 1794 half dime that is acceptable to the respective collector. It is much easier to shop for 1795 half dimes. 

Heritage auctioned the same CAC approved AU-58 grade 1795 half dime for $9000 in January 2020 and for $11,750 in July 2013. After reaching a local or recent peak during the middle of 2015, market levels for rare U.S. coins have trended downwards, though not steeply. Price levels for half dimes may have peaked before 2015. 

Heritage auctioned a CAC approved XF-45 1795 half dime for $5760 in August 2019. Heritage auctioned a CAC approved AU-50 1795 half dime for $6600 in February 2019.

In August 2018, Heritage auctioned two CAC approved VF-20 grade 1795 half dimes in successive lots, for $2880 and $4100.40, respectively. It would not be a good idea to express an opinion as to why one brought so much more than the other without carefully examining these two coins. I have not seen them. 

As for Draped Bust, Small Eagle half dimes, there are five dates over two years. As the ‘B’ in Liberty of the so called “LIKERTY” variety does not really appear like a ‘K’ and is a minor anomaly, it is best to refer to the 1796 ‘Normal Date’ half dime as just that, the 1796 ‘Normal Date.’ The name ‘LIKERTY’ is awkward and the shape of the intended ‘B’ varies by die state and striking impression. On some 1796 half dimes, it seems a little more like a ‘K’ than it does on others. 

The 1796/5 overdate is clearly a date that is distinct from the just mentioned 1796 ‘Normal Date.’ The underlying numeral ‘5’ is apparent enough without magnification, and the peculiar nature of this overdate has captured the attention of thousands of collectors who viewed 1796/5 overdate half dimes.

The 1797 – 16 Stars, 15 Stars and 13 stars varieties are generally collected as three different dates; it would not be accurate to refer to them as three different subtypes. While the difference in the number of stars is very noticeable, the overall design of the coin is the same. There is not an artistic difference in regard to these ‘stars’ varieties. 

CAC reports approving seventeen 1796 (not 1796/5) half dimes that grade below 60, though I am not certain that these are all different coins. They are not offered often. On March 19, 2020, Stack’s-Bowers auctioned a CAC approved Fine-12 grade 1796 half dime for $4560. On August 9, 2020, GreatCollections sold a PCGS graded VF-20 1796 half dime, without a CAC sticker, for $3768.75. 

CAC reports having approved only two 1796/5 half dimes in total. The PCGS population reports lists twenty-three, though I hypothesize this PCGS total amounts to fifteen to eighteen different coins. 

There are not many opportunities to buy a 1796/5 half dime. If a very interested collector has an opportunity to purchase a decent 1796/5 at a fair price, it may be a good idea to acquire it before someone else does. These could be far rarer than most pertinent dealers believe them to be. 

In January 2019, Heritage auctioned a PCGS graded VG-10 1796/5, without a CAC sticker, for $5280. I wish I had seen the NGC graded AU-53 1796/5, without a CAC sticker, which Stack’s-Bowers auctioned for $9600 in August 2019. Was this a very good deal for just $9600 or was there something bothersome about this individual coin? I do not know. 

CAC has approved twenty-four 1797 ’16 Stars’ half dimes. A CAC approved 1797 ’16 Stars’ half dime is usually offered publicly at least once a year. There were none, though, in public sales in 2018, as far as I know. 

On September 24, 2017, the firm of David Lawrence sold a CAC approved VG-10 grade 1797 ’16 Stars’ half dime for $3400. In November 2017, Heritage auctioned a CAC approved AU-50 grade 1797 ’16 Stars’ half dime for $9900. 

In April 2020, Heritage sold a 1797 ’15 Stars’ half dime that experts at NGC labeled as “VF Details – Cleaned.” While I have never seen this coin in actuality, images suggest that it is tolerable. The price realized, $2760, was not exorbitant.

In March 2019, Kagin’s auctioned a PCGS graded F-12 1797 ’15 Stars’ half dime, without a CAC sticker, for $2640. In January 2020, Heritage auctioned a CAC approved, PCGS graded VF-30 ’15 Stars’ half dime for $3840. On September 3, 2017, the firm of David Lawrence sold a CAC approved, PCGS graded 1797 XF-40 ’15 Stars’ half dime for $7000.

In January 2019, Heritage auctioned a CAC approved, NGC graded AU-50 1797 ’15 Stars’ half dime for $7200. In June 2019, GreatCollections sold a CAC approved, PCGS graded AU-53 1797 ’15 Stars’ half dime for $7906.50. 

The 1797 ’13 Stars’ is very rare, though not extremely rare. Only a small number of survivors, however, are clearly gradable. I suggest either buying one for a modest price in a PCGS or NGC ‘Details’ holder or waiting for a 1797 ’13 Stars’ half dime that is CAC approved to become available. Before seeking an AU to MS grade 1797 ’13 Stars’ half dime, it would be a good idea to consult an expert. 

In April 2018, the firm of David Lawrence sold a CAC approved, PCGS graded VF-20 1797 ’13 Stars’ half dime for $7500. In August 2018, Heritage auctioned a CAC approved, PCGS graded VF-35 1797 ’13 Stars’ half dime for $5760, less than the price realized for the just mentioned CAC approved VF-20 grade coin that was struck from the same pair of dies. This is an illustration of an instance where a rare coin realized a wholesale price in a major auction, which is not unusual. In the online archive listing for this coin, Heritage added a mini-announcement that this same VF-35 grade 1797 sold privately on September 5, 2018 for $8000. 

Far more 1797 half dimes than 1796 half dimes have been available over the past few years. Although finding a 1796/5 may be difficult, a set of circulated 18th century half dimes is a realistic objective. If the 1796/5 and the 1797 ’13 Stars’ are excluded, such a quest would be much less difficult. Alternately, a collector who is willing to settle for very low grade or ungradable 1796/5 and 1797 ’13 Stars’ half dimes could complete a set of circulated 18th century half dimes without spending a large amount in the context of early U.S. coins.

Images courtesy of Legend Auctions, Heritage Auctions, and David Lawrence