1803/2 Capped Bust Right Half Eagle. BD-4. Rarity-4. Perfect T, 3 Touches Bust. MS-61 (PCGS).This highly lustrous example combines a softly frosted reverse with a more satiny obverse. Toning also alternates between warm rose and medium gold on the former side, brighter golden-yellow on the latter. Sharply struck overall with superior eye appeal at the BU grade level. BD Die State c/c.<p>As demand for half eagles increased at the still young Philadelphia Mint, there was pressure to produce as many coins as possible with whatever die steel was on hand. The Heraldic Eagle $5 gold coin issues show ample evidence of these cost-saving measures, notably the anachronistic 1795-dated issue (even though this reverse was not put into use until 1797) and the multiple overdate-only issues, to include the 1803/2 half eagles. Four die pairs were used, two obverse dies both with overdates and four reverse dies. The two obverse dies were originally intended for the 1802 half eagles but for unknown reasons they were never used with that date, so the following year they were both recut to 1803 and put into use. The two obverses differ in the T in LIBERTY: the first three die marriages employed show a T with a broken lower right serif while the final obverse used has a perfect T. Only one pair, BD-4 (as here), utilized the Perfect T obverse. Since many of these early mint records are often vague in terms of numbers struck, estimates vary as to how many 1803/2 half eagles were coined: the official number is 33,506 pieces, though Bass & Dannreuther indicate that this figure also includes perhaps 1,000 1804-dated coins. As with most early gold, the 1803/2 suffered heavy losses in the bullion speculation melts of the 1820s and 1830s, leaving only around 125 to 175 coins remaining of the estimated 6,000 to 9,000 coined from the BD-4 die pair. A modest number of uncirculated examples are known, making this an excellent candidate for inclusion in a high grade early gold type set or an advanced variety specialists cabinet.
