By James Matthews, Senior Numismatist and
Consignment Director, U.S. Coins
The first 1802 half dime to sell
at public auction is believed to be the William A. Lilliendahl Collection
specimen sold in December 1863. At that time the piece was described as the
finest of the three known specimens, although Harold P. Newlin noted the coin
was in only "Very Good condition". It sold for $340, a record price
that stood for a generation until Newlin's own finer specimen of this rarity
was sold at auction. In comparison, one of the finest known 1794 silver dollars
brought a comparable $285 in another 1863 auction, confirming the nascent
American numismatists already had a firm grasp on the true rarity of the 1802
half dime. The original mintage is believed to be only 3,060 pieces, and these small
silver coins suffered more than the usual indignities of circulation; they
simply did not survive intact.
Well-known researcher and
numismatist David J. Davis studied this issue extensively. With the assistance
of numismatic organizations and other well-known numismatists, he concluded
that no more than 35 distinct examples existed (published in his extensive
listing of all known auction appearances in the 1999 reference Federal Half Dimes 1792 - 1837 by
Russell J. Logan and John W. McCloskey). Since that time David Davis has passed
away, but shortly before his death he told me he believed that perhaps as few
as 25 distinct examples exist, as a few of those previous auction offerings
were found to be counterfeits -- or repaired and straightened coins previously
listed as bent or damaged. Remarkably the 1802 half dimes in the National
Numismatic Collection at the Smithsonian and the American Numismatic
Association Museum are both coins of altered dates and thus not included in the
census.
Much has been written about this
particular issue. The first such research was conducted by leading numismatist
of his era Harold P. Newlin, in 1883, when he published his work titled A Classification of the Early
Half-Dimes of the United States soon after he sold his
collection of half dimes through J.W. Haseltine on April 10, 1883. In that
publication Newlin enumerated most of the known auction appearances -- a total
of 16. In 1931 Daniel W. Valentine published his work on the entire half dime
series The
United States Half Dimes in a pamphlet issued by the American
Numismatic Society, later reprinted with additional notes by various
numismatists in 1975. Valentine confirmed the rarity of the 1802 half dime but
did not give a listing of individual specimens. In the 1975 Valentine reprint
additional information on this date was provided by Walter Breen, and included
a list of several known specimens. Currently the best reference on this
particular date is the David J. Davis research published in Federal Half
Dimes 1792-1837.
Comparable to the 1823 Capped
Bust quarter in rarity, the 1802 half dime is indeed one of the rarest United
States silver coins that actually circulated. The low mintage likely reflected
the lack of demand in that particular year, as both the 1801 and 1803 half
dimes are certainly far more plentiful by comparison. With the pursuit of these
great rarities staying a major numismatic focus, it is likely that demand will
simply keep rising.
Listed as #61 in the Jeff Garrett
and Ron Guth 100 Greatest U.S. Coins reference, the 1802 half
dime is highly desirable as it was not an unauthorized midnight project, but
simply a low mintage date that served its intended purpose in the channels of
commerce. Very little attention was paid for a few generations after these half
dimes were struck, so survival was entirely random. Hence, the vast majority
are well worn and many are damaged, unlike the present offering which is rather
wholesome on balance. To date PCGS lists just 11 examples certified by that
service, the finest is AU-55. Over the years 1802 half dimes have been
available for a price; in more recent times the supply has pretty much dried up
and offerings may be years apart. We are pleased to offer collectors the opportunity
to take this desirable example home in our New York Americana Sale in February 2014.
