1801 Draped Bust Half Dime. LM-2. Rarity-4. AU-58 (PCGS). CAC.Outstanding Choice AU quality for this scarce and conditionally challenging early half dime variety. Lovely satin surfaces retain nearly full mint luster, a feature that is easily appreciated given a lack of all but the lightest iridescent gold toning. In hand appreciation reveals suitably bold striking detail for a product of the fledgling United States Mint and, indeed, most design elements are sharply rendered. Softness of strike is minimal for the type and confined to a few isolated features such as Libertys bust and the clouds on the reverse. A charming piece in all regards, and a rare find for the quality conscious collector. After a hiatus of two years (1798 and 1799) when no half dimes were struck, the Mint resumed production of this denomination in 1800. During the years leading up to the turn of the 19th century, Chief Engraver Robert Scots Heraldic Eagle reverse design (copied from the Great Seal of the United States) had been introduced to more and more of the United States silver and gold denominations. Its first use on the half dime was in 1800. The obverse retained the Draped Bust motif, enduring on the silver coins until John Reichs Capped Bust design made its first appearance in 1807.As the half dime was not a popular denomination with early depositors of silver bullion, after 1805 no more examples were struck until 1829. As well, no 1804-dated half dimes were produced. Comprising just five dates, the Draped Bust, Heraldic Eagle half dime is one of the shortest series in all of U.S. numismatics. Not surprisingly, it is also one of the most challenging types to collect in the finest circulated and Mint State grades. Most such pieces seem to have survived as a matter of chance, although a few of the very finest survivors may have been used for presentation to important visitors or other special persons with connections to the early Mint. Official records provide a mintage figure of 27,760 half dimes for calendar year 1801. Since the early United States Mint often used dies until they broke irretrievably, and in a haphazard fashion, the number of coins struck in any given year during that era seldom corresponds to the number of pieces produced bearing a specific date. Thus we have no way of knowing exactly how many 1801-dated half dimes were struck. For many years confusion also surrounded this issue with regard to the number of die varieties known. Prior to 1986, numismatists recognized only a single variety of this date. In 1986, however, we (Stacks) had the privilege of auctioning the discovery specimen for a new marriage featuring a different obverse die. Dubbed LM-1 in recent times, that variety exhibits close spacing between the letters LIB in LIBERTY and remains very rare in numismatic circles. The wider distance between the letters LIB confirm the present example as having been struck from the LM-2 die marriage, the more plentiful variety of the issue. The 1801 half dime is almost always offered in low grades irrespective of attribution. The offered Choice AU example is well suited for high grade type purposes or inclusion in an advanced early half dime variety set.PCGS Population (both die varieties of the issue): 4; 7 finer (MS-66 finest).
