1794 Liberty Cap Half Cent. C-1a. Rarity-3. Normal Head. Large Edge Letters. AU-58 (PCGS). Deep chocolate-brown surfaces on obverse and reverse, quite smooth for the issue, as half cents of this date are remarkable for being irregular and rough. Even within this high grade, one would probably need to inspect from one to two dozen examples -- strictly theoretical, as no such opportunity would ever exist -- to find another that matches this. The present coin is thought to rank among the Condition Census (defined as the six best specimens of this die variety), and handily exceeds the quality of most at the PCGS-certified grade level by virtue of its choice surfaces and eye appeal. (Our last offering of this coin was in March 2019, when it was certified MS-63 BN by NGC, and we feel that it is also superior for the variety at that grade level.) The details on obverse and reverse are superb, with just about all design elements fully struck, save for a few of the high points. The dies clashed prior to the striking of this piece, with the result that on the obverse before the lips and chin are incuse impressions of the leaves on the reverse; on the reverse, to the left of the letter H in HALF can be seen some evidence of the hair strands from the other side. The rim is well defined, with all of the denticles distinct, not a single exception. A few tiny scattered marks are mentioned for accuracy. The most interesting aspect of this obverse die, a repunched date with the original numerals far south of the dominant date, is plain to the naked eye. Manley Die State 3.0, with clash marks visible between the cap and hair below the letter L in LIBERTY, in front of Libertys face and below her chin. A rarely visible fine die crack is plain at the tops of the letters IBE in LIBERTY. The reverse is rotated 30 degrees counterclockwise from normal coin alignment. The 1794 is properly considered a distinct type within the half cent series, as even a casual comparison with the Small Head style of 1795 to 1797 will reveal a dramatic difference. It has been our experience that of all the half cent types, the 1794 is far and away the most difficult to obtain in high grades, handily eclipsing the even more famous 1793 Head Left, and by a large factor. Indeed, although the 1794 is not rare as a date in comparison to the famous 1793, all bets are off when it comes to pieces such as this, offering a combination of high grade, smooth planchet surfaces, and excellent eye appeal. Using these criteria, the 1794 Large Head type is the most difficult to obtain in the entire series. Only a few varieties of 1794 half cents are known in such remarkable grades as this, with this Cohen number notably scarcer than the C-9 in grades exceeding EF. A type collector could hardly seek a finer specimen than offered here, a coin that would also serve as a focal point in a specialized half cent variety collection. Copper supplies for the early Philadelphia Mint were from many different sources and the quality and purity of the metal varied. For 1794 the metal, after refining at the Mint, remained generally unsatisfactory, probably due to impurities and other unwanted elements, although we are not aware of any analysis that has ever been done. Not generally known is the fact that copper half cents and cents were usually profitable for the Mint to produce, as after the early years the amount of copper needed to make these coins was less than face value. This in contrast to the full or nearly full weight of metal required for silver and gold coins. Accordingly, the more copper coins that could be made, the greater the profits would be. PCGS# 35018. NGC ID: 2223. From the Cardinal Collection Educational Foundation. Earlier ex Superiors sale of the Bill Weber Collection of Half Cents, June 2002, lot 2242; Anthony Terranova; our (American Numismatic Rarities) sale of the Haig A. Koshkarian Collection, March 2004 Classics Sale, lot 2; Heritages FUN Signature Coin Auction of January 2007, lot 756; our Spring 2019 Baltimore Auction, March, lot 1007, as NGC MS-63 BN.
