1837 Capped Bust Half Dollar. Reeded Edge. 50 CENTS. GR-27. Rarity-?.

1837 Capped Bust Half Dollar. Reeded Edge. 50 CENTS. GR-27. Rarity-?. AU Details--Scratch (PCGS). The jump from GR-25 to GR-27 warrants some explanation. With increased attention paid to Reeded Edge half dollars following the publication of Graham's 2012 reference, it seemed only a matter of time before new varieties would be discovered. Indeed, in September 2013, Coin World announced the discovery of 1837 GR-26, a purported new variety combining the obverse of GR-23 with the reverse of GR-25. NGC began recognizing the attribution and several examples were subsequently certified, though PCGS did not recognize the variety. In 2019, Jim Koenings demonstrated that the reverses of GR-23 and GR-25 were actually struck from the same die, eliminating the basis for GR-26 as a distinct variety. David Lange at NGC subsequently discontinued certification of the attribution. While some collectors still pursue holders identifying coins as GR-26 as a novelty, the variety itself is no longer considered legitimate by the collecting community. GR-27, on the other hand, appears to be the real thing. Its story began in September 2021, when J. Osborne and Jim Koenings began corresponding about an unusual coin owned by Osborne that appeared to represent a previously unknown variety. In August 2024, A. Bricker contacted Koenings about another puzzling example, a coin he had purchased in 1994 and had been unable to match to another variety. Koenings recognized that its reverse matched Osborne's coin and subsequently located and purchased a third example on eBay, the present specimen. Comparison of all three coins revealed a common obverse and reverse pairing that did not match any variety previously documented by Graham. Koenings' research announcing the new Reeded Edge half dollar variety, designated 1837 GR-27, was subsequently published in The John Reich Journal. Among the distinguishing features of the three known examples are the widely separated 37 in the date and characteristic areas of weakness at the obverse stars, Liberty's bust and cap, the tops of 5 and CEN in the reverse legend, and the eagle's talons and olive leaves. A reverse die crack connects the first T of STATES to the A and continues thinly along the bottoms of the remaining letters, while an obverse crack connects the interior points of stars 8 through 10. These and other diagnostics do not correspond to any obverse or reverse die documented by Graham, indicating that GR-27 represents a pairing of two previously undocumented dies. There are additional diagnostics and supporting evidence beyond the scope of this description, and interested specialists are encouraged to consult Koenings' article in The John Reich Journal for the complete analysis. With just three examples presently known, GR-27 would appear destined to remain a significant rarity, though how many additional examples await discovery is impossible to know. Its characteristically weak strike may actually make the variety more difficult to locate, as collectors have traditionally favored better-struck examples and may simply have passed over coins displaying these characteristics. Even so, at least a handful of dedicated specialists - including your cataloger (BAO) - have actively searched for another example without success. For the variety collector attempting to assemble a complete set of Reeded Edge half dollars, the importance of the present offering can hardly be overstated. The present coin has bright, silvery-white surfaces with touches of gold and russet at the peripheries. Unfortunately, the obverse also displays numerous lines and marks that must be acknowledged. A jagged scratch in the field before star 7 may account for the PCGS designation, while several scrapes across Liberty's bust and digs around star 6 are also noted. The reverse is considerably less affected, with the scattered marks and lines blending into the surfaces such that none are individually prominent. Apart from the characteristic areas of weakness described above, much of the central design remains sharply defined and attractive. While no collector would choose this example as a type coin, as one of just three examples presently known of GR-27, its significance to the specialist is undeniable, and we expect stiff competition among dedicated collectors. Jim Koenings Commentary: This "New Discovery" was first reported in Koenings' Newsletter #63 (10-15-24) and was later reported in the November 2024 issue of The John Reich Journal. Three specimens are known: AU-50, AU Details, and EF Details. Provenance: From the Jim Koenings Collection. PCGS# 6176. NGC ID: 24G4. Click here for certification details from PCGS. Image with the PCGS TrueView logo is obtained from and is subject to a license agreement with Collectors Universe, Inc. and its divisions PCGS and PSA.

Estimate:$1

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