Lot 71
1792 Silver Half Disme. PCGS graded AU-55. Nicely toned. While Judd and many others considered the 1792 Half Disme to be a pattern, there are those who cite President Washington's famous letter of 1792 assigning it official status as a circulating coin: "There has been a small beginning in the coinage of half dismes, the want of small coins in circulation calling the first attention to them." Whichever camp you are in, numismatic purists have yearned to one of these delightful ties to our fledgling nationhood for over 150 years.
Researchers have traced the minting of this famous coin to the cellar "mint" of John Harper at Sixth and Cherry Streets or possibly to another facility in a coach house at Sixth Street above Chestnut. Why not strike the coin at the government mint? Because (1) the First Philadelphia Mint was not yet in operation, and (2) neither the chief coiner nor the assayer of the mint had posted bonds which would have allowed them to begin coinage of silver and gold. An estimated 1,500 pieces were struck.
In AU55, this coin should see active bidding, being the premiere silver coin minted in the newly formed American republic. We have offered only a few dozen 1792 half dismes over the years, many of which are well circulated or damaged to some extent, plus a sprinkling of choicer ones as well as several MS63 and above mega-priced rarities. This high end circulated piece gives an appearance of remarkable quality, due to its natural surfaces that display only light wear on the highest design features. The color is uniform, surfaces are too, with the natural patina of long careful ownership by all its former owners going back to nearly the time of issue. A few light planchet adjustment marks appear on, and an occasional hairline or mark, but the piece is struck well by the dies. Overall the surfaces are remarkably smooth and distraction-free for a coin from this period in American history. An offering to make note of in your catalogs! Pop 7; 22 finer. (PCGS # 11020) .
Estimated Value $150,000 - 160,000.
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