1797 Draped Bust Half Dollar. O-101, T-1. Rarity-5. VG-10 (NGC).；A pleasingly toned piece with a few blushes of russet tinting to dominant pearl gray patina. This is a well centered piece, the denticulation even around both sides, although heavier wear has effaced the border along the lower reverse. Even so, the fraction 1/2 is discernible, and all other devices are boldly outlined and readily evident. Surfaces that are uncommonly smooth for an early half dollar that saw this extensive circulation further enhance the appeal of this rare Draped Bust, Small Eagle half dollar.<p>The 1797 half dollar is a profoundly enigmatic issue whose intrigue is only overshadowed by its rarity. Echoing the symbolism portrayed by the flag of the United States, the earliest coins of the U.S. Mint depicted a star count that tried at best to mirror the number of states belonging to the Union at the time of striking. Fittingly so, the half dollars of 1794 and 1795 display 15 stars on the obverse -- a number justified by Kentuckys admission on June 1, 1792. In anticipation of 1796s half dollar mintage, officials prepared a 1796-dated obverse die with 15 stars, though no half dollars were struck that year. However, by the time mintage for this denomination resumed in early 1797, Tennessee had already joined the Union on June 1 of the previous year and a 16-star motif was more appropriate. Never to be wasteful, the Mint employed this wrongly dated and wrongly starred obverse, eventually transitioning to a 1796-dated obverse with 16 stars. Then, most curiously, a third die was created to finish out the 1797 half dollar production year; properly dated 1797, though with just 15 stars around the border. Several theories and conjectures have emerged to explain how this blundered regression might have occurred, though whether terribly complex or astoundingly simple, the error in star count for the 1797 Draped Bust half dollar has left numismatic scholars scratching their heads for the past two centuries.<p>The second anomaly of the 1797 Draped Bust half dollar can be observed on the opposite side of the coin and is a characteristic carried over from the 1796-dated issue, yet it would be omitted for the next decade of half dollar production. While the denomination, as represented by a fraction, is a familiar sight to early copper enthusiasts of the era, silver and gold coins bore no reference to their monetary worth apart from an elusive mention on the coins third side -- the edge. For the precious metal issues of 1794 and 1795, size and weight were the primary distinguishing characteristics between denominations, and while these tactile references are perhaps adequate enough for experienced merchants, they do not assert the confidence that a stated, visual denomination conveys. Researcher Steve Tompkins speculates that it was the introduction of the quarter in 1796 that prompted the inclusion of the fractional denomination on the reverse of the half dollars of the same vintage. This notion of deliberateness is substantiated by the fact that once the initial fractioned reverse of the Draped Bust, Small Eagle half dollar was retired, it was replaced by another reverse exhibiting a denominated fraction, dispelling the likelihood that the feature was added in error. That lone replacement die was used to coin the balanced of 1797-dated halves, and half dollar production did not again resume until 1801, though by then the new Heraldic Eagle reverse motif had done away with a stated denomination, leading numismatic scholars to further ponder its inclusion in the first place.<p>With a combined mintage for the 1796 and 1797 of just 3,918 pieces, the Draped Bust, Small Eagle half dollar is one of the most elusive and eagerly sought design types in all of U.S. numismatics. We expect that this visually appealing VG will have no difficulty finding its way into an advanced type set.
