1795 Flowing Hair Half Dollar. O-109, T-16. Rarity-4. Two leaves. Unc Details--Cleaned (PCGS).This example is a significant treasure for specialists in the early half dollar series. Just a few faint hairlines are seen across the obverse, while the reverse is left impressively undisturbed. An old hairline scratch runs vertically along Libertys cheek but goes largely unseen to the naked eye. Subtle prooflike reflectivity sparkles in the fields and complements the more satiny devices. Swaths of pale peach patina are marbled across each side, set against a faint golden iridescence that accents the surfaces. This piece exhibits a late die state equivalent to Tompkins Die Stage 4/1. The obverse features a collection of thin cracks at the date and stars 12, 13, and 15. Tompkins only recognizes one die state for the reverse which he calls Die Perfect though the die is clearly worn on this coin and shows multiple clash marks around the devices. Despite this fatigue, the devices are exceptionally sharp for this marriage, boasting intricate definition to Libertys feature and the eagles feathers. Overall pleasing and absolutely desirable.Though considered a Rarity-4 (121-160 known), the 1795 O-109 variety is deceptively scarce. Our firm has handled just 27 examples over the past 15 years, averaging out to less than two coins per year, the majority of which were graded VF-20 or lower. Over the same period, we have offered 70 1879 Flowing Hair Gold Stellas and 686 MCMVII (1907) High Relief Saint-Gaudens double eagles, which present an interesting context regarding perceived rarity.This piece is undisputedly the finest known example from these dies and is also the only Uncirculated specimen by a decent margin. It sits on the top of Steve Hermans AMBPR Condition Census with a grade of Prooflike 60 and is rivaled by only the AU-55 (NGC) Richmond specimen in second place. Steve Tompkins corroborates this ranking in his 2015 work on the series, listing the Condition Census as: 60, 55, 50, 45, 45, 40. In reference to the present specimen, he notes that O-109 (T-16) is very rare in uncirculated condition, with only one example currently known.This coin has been long acknowledged by modern scholars but has proven elusive over the past several decades. It first appeared on the market as part of our legendary sale of the Garrett Collection, Part I, in November 1979 almost exactly 40 years ago. Described as Brilliant Uncirculated, MS-60 in lot 271, it brought the strong price of $18,500. It then traded privately soon after and has since been held closely in a private collection, having only been third-party graded for the first time in recent months. We are now delighted to once again be offering this incredible piece to a new generation of collectors. It represents an irresistible opportunity for those seeking the best of the early half dollar series, and it simply cannot be improved upon. Ex our (Bowers and Ruddys) sale of the Garrett Collection, Part I, November 1979, lot 271, $18,500 ; M.B. Simmons & Associates of Narberth, PA, privately.
