1836 Capped Bust Half Dollar. Reeded Edge. 50 CENTS. GR-1. Rarity-2.

1836 Capped Bust Half Dollar. Reeded Edge. 50 CENTS. GR-1. Rarity-2. EF-45 (PCGS). OGH. A desirable example of this iconic issue. Both sides are attractively toned, with lighter gray devices contrasting nicely against the darker fields, resulting in a "circulation cameo" presentation that many collectors prize. The surfaces present as glossy and smooth, with minimal marks seen when examined with a glass. Boldly to sharply defined throughout, the peripheral stars on the obverse are about as sharp as you'll find on even the finest-struck examples of this date. In fact, this is the first area your cataloger (BAO) looks at when evaluating an 1836 Reeded Edge half, as the strike on these was quite inconsistent while the Philadelphia Mint was still refining production techniques for the new steam press. The 1836 Reeded Edge is the first half dollar struck on a steam press, and a famous rarity with a limited mintage. Though Walter Breen divined a mintage figure of 1,200 circulation strikes decades ago, the true figure is undoubtedly several thousand coins higher. Based on the population of surviving 1836 Reeded Edge half dollars, Robert W. Julian has estimated that the mintage was actually closer to 5,000 pieces. Dick Graham, in his reference on the series, suggests the mintage to have been even higher. Regardless, aside from the legendarily elusive Small Eagle half dollars of 1796 and 1797 and the scarce Philadelphia Mint dates between 1879 and 1890, no other half dollar issue approaches the low mintage of the 1836 Reeded Edge. Beyond its evident historical importance, the 1836 Reeded Edge has always been admired as a rarity. For most of the 19th century, this issue was deemed a pattern, considered too rare to have been produced for circulation. While listed in J. Hewitt Judd's United States Pattern, Trial, and Experimental Pieces as Judd-57, a listing retained in modern editions largely out of tradition, the 1836 Reeded Edge half dollar is now firmly acknowledged as a regular issue coin. The majority of survivors show significant wear, indifferent strikes, or a lack of originality. Premium-quality EF survivors such as this example are very scarce and always in demand. Jim Koenings Commentary: I replaced an 1836 GR-1 in PCGS AG Details (plugged) that I purchased in 2010 with the current specimen in PCGS EF-45, Old Green Holder Generation 3.1 on November 6, 2017. I was especially pleased with the contrasting color and mark-free surfaces. Provenance: From the Jim Koenings Collection. Earlier from Heritage's sale of The Hamilton Collection, August 2016 Anaheim ANA Signature Auction, lot 4714. PCGS# 6175. NGC ID: 2U28. Click here for certification details from PCGS.

Estimate:$1

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