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Sale 53
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Lot 523
1794 Flowing Hair Half Dollar. PCGS graded AU-58 PQ O-106, R-6, Berries 10-11, the only reverse. Only 23,464 pieces struck. A marvelous example of our first half dollar. Well struck with hints of light golden luster within the protected areas. Some adjustment marks on the obverse as made. Wonderful original surfaces further enhanced by the lovely delicate antique greyish-violet toning.
This extraordinary coin is certain to be a highlight of even the most advanced collection. The obverse is boldly struck with each of Liberty's hair curls carefully defined by the die, the reverse too is sharp with bold definition on the eagle's breast and wing feathers, features seldom seen on any 1794 Flowing Hair half dollar, let alone the coveted 1794 issue -- especially so for this rare die variety.
The surfaces are clean and attractive as expected, as this coin barely circulated, and shows little more than the slightest wear on the high points. Numerous thin adjustment marks are seen on the obverse -- some above the date, others in the right obverse field crossing onto Liberty's face and curls. Adjustment marks are a fact of life for many 1794 half dollars (and silver dollars for that matter) and certain varieties are commonly seen with these planchet lines, including the rare Overton-106 variety. Planchets were adjusted by hand at the Philadelphia Mint prior to striking the coins. By carefully weighing each blank planchet prepared for coining, a hired hand would then file off any excess silver or gold with a small hand-held file. Planchets that were too light were returned to the melting department, drawn and recut to the proper weight, a protracted and complex process. Thus it was easier to draw the silver bars to a slightly too thick weight and adjust off the excess with a file. Many silver and gold coins from this period exhibit similar adjustment marks. During the striking process the adjusted planchets sometimes struck over most of the traces of the filing, in other cases traces remain as seen here.
Specialized die variety collecting continues to grow and expand as more collectors choose to focus on a single series of coins. These advanced studies require hours of careful study and sometimes many years to obtain examples of each die pairing. Perhaps 20-30 pieces of this rarity exist; the present coin is clearly among the finest known of that select group. The color is a rich golden russet with darker hues near the rims from long display in an album or Wayte Raymond style holder. For the specialist, such color is "dead on" the way a silver coin from this period should look and is earned from many years of careful storage. There are currently 11 known die pairings used to coin 1794 Flowing Hair half dollars. One die pairing is readily obtainable, the O-101 variety. The other 10 varieties are very rare to extremely rare. In the case of the O-109 and O-111 variety they currently remain unique and for all intents and purposes unobtainable. The others can be obtained with patience and a healthy bank balance, plus a lot of collecting desire.
There are nine 1794 half dollars certified in various Mint State grades up to MS-64 for the entire year. Another three examples are graded AU-58 between the two major grading services, including the present coin. Without a doubt this is a tremendous opportunity for the advanced numismatist to acquire a famous and desirable example of this rare, first year of issue coin. Pop 3; 3 finer, 2 in 61, 1 in 64 (PCGS # 6051) .
Estimated Value $150,000 - 175,000.
From the George Earle Collection, Chapman Brothers, 1912; Clarke E. Gilhousen Collection-Charles Ruby, Superior, October 3-4, 1973, Lot 863 at $10,500; Charles L. Ruby Collection, Superior, February 1975, Lot 649; L.W. Hoffecker Collection, Superior, February 9-11, 1987, Lot 3120 at $12,100; The Worrell Collection, Superior, September 26-28, 1993, Lot 1260; Stack's 3/2007.
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