The U.S. began releasing coins for
general circulation in 1793, but only copper
half cents and
cents were struck
that year. Why were no silver or gold coins issued?
The reason is because the law required the Mint Assayer and Chief Coiner to each
post a $10,000 bond before handling precious metals. The men in those
positions at that time, Albion Cox and Henry Voight respectively, were not wealthy men and could not post
the bond, creating an impediment to the production of silver and gold coinage.
Through the urging of Secretary of State Thomas Jefferson and President George
Washington, Congress on March 3, 1794, reduced the bond of the Assayer to $1000
and the Chief Coiner to $5000. Soon thereafter, silver coinage started
rolling off the presses at the
first
U.S. Mint.
The U.S. half dollars of 1794 carried the Flowing Hair design.
The Flowing Hair Half Dollar directly below, graded MS-61, was sold for $391,000 in
September, 2007. It is among the finest known examples of this date. This design was used again in 1795, and also appeared on the
half
dime and
silver dollar of those same years.
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Flowing Hair Half Dollar
Specifications |
Diameter: |
Weight: |
Minted: |
Composition: |
Designer |
Edge: |
approx 32.5 mm |
13.48 g |
1794-1795 |
.1076 Cu .8924
Ag |
Robert Scot |
Lettered |
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Coin Photos courtesy of
Ira & Larry Goldberg Coins & Collectibles, Inc., Beverly Hills, CA. |
The early Mint was quite
concerned about the national image as reflected in its coinage. Responding
to criticism of the Flowing Hair design, the
Draped Bust type was introduced in 1796 and
continued into 1797. The reverse featured a thin eagle perched on a cloud,
surrounded by a wreath.
No half dollars were coined from
1798-1800. When production resumed in 1801, the Draped Bust obverse was
retained, but the reverse depicted a much stronger, "heraldic" eagle.
In 1807,
the
Capped Bust style was adopted. Liberty wore a "freedman's
cap", an ancient Roman symbol signifying new-found emancipation for its owner.
Capped Bust Half Dollars continued until 1839, with some modifications along the
way.
Together, the Flowing Hair, Draped Bust, and Capped Bust Half
Dollars comprise what are called the Early Half Dollars. These half
dollars were a workhorse during the formative years of the United States.
Due to bullion profiteering, silver dollars and gold coins were mostly not
available for banking and other large business transactions, leaving the job to
the half dollar. What's more, there were no foreign coins circulating of
equal face value, thus increasing the half dollar's importance to commerce.
Today, the half dollar is nearly invisible, but in its first years, it served
as the "coin of the realm".
There are a fair number of key date Early Half Dollars. A couple of
them, the
1817 over 4 (an AU
example sold Oct 2006 for $310,500) and the
1838-O, (PF-64 sold June 2005 for $632,500) are so rare that an active numismatist may
never lay eyes on one during a lifetime of collecting. Other Early Half
Dollars of great interest to collectors include:
As you will see, these are bona fide rarities in
their own right. Collectors must be prepared to shell out serious
money to obtain examples. However, we can look for these historically
significant coins to continue their upward trend. Buy with confidence,
but insist on obtaining examples that have been certified by one of the
well known grading services: PCGS, NGC, ICG, or ANACS. If one of these
key date Early Half Dollars are not certified by the above, then make sure
you're working with a reputable dealer, such as
Jakes Marketplace.
True, eBay
auctions has more coins than just about anywhere else, but most of the time,
key date Early Half Dollars cannot be found there, yet another indication of
their scarcity. Keep checking back, for you never know when one will
go up or sale. The coin pictured for
sale in the right hand side, if any, is not necessarily the same condition coin or
the same date as that
represented in the value trend analysis on left hand side.
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1794
Flow Hair Half Dol
Condition:
G-4
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1795 2 leaf
Flow Hair Half Dol
Condition: G-4
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Value Trends
1950: $25.00
1980: $550
1995: $900
2003: $1500
2007: $5000
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Value Trends
1950: $7.50
1980: $400
1995: $350
2003: $725
2007: $1500
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% Annual Increase
Since 1950 =
9.74%
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% Annual Increase
Since 1950 =
9.74%
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The early decades of the United States saw a rise in patriotism and a
uniquely American culture. The above is a depiction of the July 4th,
1819
