1796 Draped Bust Half Dollar. Small Eagle. O-101, T-1. Rarity-5-. 15 Stars. AU-58+ (PCGS).Exceptional near-Mint quality for this elusive and eagerly sought design type in the early half dollar series. Displaying only the lightest friction to the high points and in the open fields, this coin retains overall sharp definition from an expertly centered strike. A concentration of light adjustment marks (as made) over the eagles head, breast, left leg and talon, and the right (facing) cloud explains the softness of detail to those features. Star 8 and the adjacent border area on the obverse are also a bit blunt, but otherwise we note sharp to full definition throughout the design. The surfaces are smooth in hand with a hard satin to softly frosted texture. Pleasingly toned, as well, both sides are layered in warm olive-gold, salmon pink and lilac-blue, the most vivid colors evident with the aid of direct lighting. Handling marks are few and far between, provenance concerns alone compelling us to mention a trio of faint pin scratches behind Libertys chin and at the top of the neck. Visually appealing with superior surface preservation for a Small Eagle Draped Bust half dollar, this is a highly significant coin for advanced type purposes that is sure to see spirited bidding at auction. Tompkins Die Stage 5/2.<p>The half dollars that the United States Mint delivered in 1797 differed from the previous issues for this denomination from 1794 and 1795. In late 1796 Mint personnel adopted Robert Scots Draped Bust, Small Eagle design that had already been used in the production of 1795-dated silver dollars for use on the half dollar. The delivery of 1797 amounted to a mere 3,918 pieces, 1,934 or so examples having been struck from one of two 1796-dated obverse dies. Surprisingly for a denomination that otherwise proved extremely popular with contemporary bullion depositors, no more half dollars were ordered until 1801, at which time the Heraldic Eagle variant of the Draped Bust type became current. The Draped Bust, Small Eagle half dollar, therefore, became an instant numismatic rarity -- a two-year type with a combined mintage of just 3,918 pieces. Survivors of both the 1796 and 1797 dates are scarce to rare in all grades, and they never fail to cause a stir among advanced collectors whenever the coins make an appearance at auction.<p>The 1796-dated half dollar delivery was achieved through the use of two obverse dies and a single reverse die in two marriages. Overton-101, offered here, is easy to distinguish from O-102 as the former variety exhibits only 15 stars around the obverse border. There are fewer than 100 different examples of the O-101 die marriage believed extant. This premium quality Choice About Uncirculated example from the E. Horatio Morgan Collection ranks as CC#5 per the listing in Stephen J. Herrmans Spring 2019 revision to <em>Auction & Mail Bid Prices Realized for Bust Half Dollars: 1794-1839</em>, although it is not included therein.<p>This lot includes a custom white plastic holder that housed the coin prior to PCGS certification, and which identifies part of its provenance with the following inscription: THE MOREIRA / COLLECTION SALE / PART 3 / JANUARY 29 - 31, 1989 / HALF DOLLAR. The holder is housed in its original box and is accompanied by the tag for lot 4417 from Superiors Moreira Collection Sale, Part III. <em><strong>The supporting materials are available to the winning bidder upon request to Stacks Bowers Galleries at the close of the auction</strong></em>.From the E. Horatio Morgan Collection. Earlier ex James Kellys Numismatic Association of Southern California Convention Auction Sale of February 1964, lot 241; Superiors Moreira Collection Sale, Part III, January 1989, lot 4417. Superior lot tag included.
