Sharp beautiful impression. — Henry Chapman, 1906Satiny luster covers frosty surfaces. Rich with originality, toned an ideal opalescent antique gray with an arc of arms length olive in the upper left obverse that yields blue, gold, and violet up close. The reverse shows a bright flash of maize and blue around UNITED. Very well struck, with unusual detail on the eagles breast and among the leaves of the wreath. The stars on the left side of the obverse all show their centers, while the ones on the right all show some central detail though none are complete. The portrait of Liberty is majestic and fully formed, and both centering dots are visible. Relics of the erroneously-placed star that preceded the Y of LIBERTY in the same position remain visible under low magnification. Precariously close to gem quality, with aesthetic appeal that would easily match that grade level, we find few flaws. Some trivial and scattered hairlines are noted under a glass, a fine horizontal scratch above star 3, shallow abrasion under the eagle on the right, nearly invisible mark on the rim above I of UNITED. The dies are clashed, but not broken, with bold clash marks around Libertys head and some less noticeable ones around the eagle. Two clear clashings are seen on the reverse.This coin has been sold at auction just twice in the last 110 years. It was collected by H.P. Smith, one of the two principals in the New York Coin and Stamp Company, best known for offering the Parmelee collection at auction in 1890. Smith was primarily the backer of the endeavor, and most numismatic work seems to have been done by the younger partner, David Proskey. Smiths obituary in the American Journal of Numismatics in 1902 notes that his connection with this company was mainly as a capitalist. Smith mostly collected in the third quarter of the 19th century, with some additions to his cabinet after his retirement from the wholesale fruit business in 1876. It is likely this coin was off the market in the Smith collection, followed by the Clapp and Eliasberg collections, for well over a century.Despite 1795 half dollars being rare in Uncirculated grade as a class, there are a few Mint State examples from this particular pair of dies. One, a late state O-121a, appears in the next lot. Others include the Lelan Rogers coin (Numisma 95:1248) and the example sold in Lester Merkins September 1968 sale, later sold in Superiors sale of October 1990. The Rogers coin is probably one of the two Uncirculated specimens of this variety that were in the 1945 Worlds Greatest Collection (F.C.C. Boyd) sale, lots 57 and 58, both unplated, both said by Breen to be ex Beistle and Col. E.H.R. Green. Neither the Rogers coin nor the Merkin-Superior coin has traded hands publicly in the last two decades.
