Lot 1706
1796 Draped Bust Half Dollar. 16 stars. NGC graded Fine-12. Key date type coin. Cleaned at one time but allowed to retone, possibly in an old fashioned coin album, where it acquired multitudinous color combinations that together leave behind a vivid impression on the connoisseur of this rare issue. Pop 1 with 7 finer.
This draped bust, small eagle series comprises just two dates, 1796 and 1797, each of which has two varieties. The 1796 issue that comes with 15 obverse stars is Overton 101, while that with 16 stars is classified as Overton 102. The 16 stars coin was apparently intended to observe Tennessee's June 1, 1796 admission to the Union as the 16th state. The two 1797 varieties (Overton 101 and 102) are differentiated by the alignment of the reverse wreath in relation to the legend.
All four varieties were actually struck in 1797 and were part of three deliveries. Mint records show that the first delivery was made on February 28, 1797 (60 coins), the second delivery on March 21 (874 coins), and the last on May 26 (2,984 coins). The coins were minted from silver ingots deposited by the Bank of the United States, and all of the deliveries were made to the Bank. Walter Breen, in his Complete Encyclopedia of U.S. and Colonial Coins, expresses the opinion that the February delivery included 1796-dated pieces with 15 stars; the coins struck in March included some 1796 with 15 stars and others with 16 stars; and the coins struck in May consisted primarily of 1797-dated pieces and the last of the 1796's with 16 stars.
Of the 3,918 half dollars of 1796-1797 that were minted, relatively few are thought to have survived. Estimates of extant pieces range from less than 100 to over 300 coins.
Estimated Value $38,000 - 45,000.
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