Coin Snapshot
- Weight: 13.48 grams (1796–1804), 13.5 grams (1805–1807)
- Composition: 89.24% silver, 10.76% copper
- Diameter: 32.5 mm
- Years Minted: 1796–1807
- Designer: Gilbert Stuart (obverse), Robert Scot (engraver)
Minted between 1796 and 1807, the Draped Bust Half Dollar is an iconic piece of early American coinage. Known for its elegant design and historical significance, this coin marks one of the earliest attempts by the young United States to establish its own currency system. Designed by Gilbert Stuart and engraved by Robert Scot, the Draped Bust series is celebrated not only for its beauty but also for its importance in American numismatics. Collectors today prize these half dollars for their rarity, aesthetic appeal, and connection to the nation’s early history.
The Draped Bust Half Dollar saw relatively low mintages across its production run, making it a prized coin for collectors. Surviving examples, particularly those in mint-state or AU condition, are quite rare, adding to the coin’s desirability and value in the numismatic market.
Draped Bust Half Dollar Coin Design
The Draped Bust design is one of the most iconic and recognized in early U.S. coinage, symbolizing the nation’s growing sense of independence and identity. The design was used across multiple denominations, including the Draped Bust Dollar, half dollar, quarter, and dime, but it’s the half dollar that stands out for its longevity and importance in circulation during the late 18th and early 19th centuries.
Obverse Design
The obverse of the Draped Bust Half Dollar features a profile portrait of Liberty, facing right. The design is attributed to the famous artist Gilbert Stuart, though it was engraved by Robert Scot. Liberty is depicted with flowing hair and draped in a gown, symbolizing both classical elegance and the new nation’s aspirations for liberty. Above her head is the inscription “LIBERTY,” and below her bust is the year of minting. Surrounding Liberty are 13 stars, representing the original colonies.
During the 1796 production year, two variations were produced: one with 15 stars (representing the inclusion of Tennessee as the 15th state) and another with just 13 stars, as the Mint decided to return to a standard representation of the original colonies for future designs. This distinction makes the 1796 half dollars highly collectible.
Reverse Design
The reverse of the Draped Bust Half Dollar underwent significant changes during its production run. From 1796 to 1797, the reverse featured a small eagle surrounded by a wreath. This design, known as the “Small Eagle,” is notably different from later designs and is one of the reasons why Draped Bust coins from these years are particularly rare.
In 1801, the reverse design changed to feature a heraldic eagle with a shield on its chest, arrows in one talon, and an olive branch in the other, symbolizing America’s readiness for war but preference for peace. Above the eagle’s head are 13 stars and a ribbon bearing the inscription “E PLURIBUS UNUM.” This design, often referred to as the “Heraldic Eagle,” was used from 1801 until the Draped Bust series ended in 1807.
Mint Locations and Mintmarks
The Draped Bust Half Dollar was minted exclusively at the Philadelphia Mint, which was the only operational U.S. mint during this period. As such, no Draped Bust Half Dollars bear mintmarks. All coins from this era come from the same facility, though production quality varied due to the rudimentary minting technology of the time. Weak strikes, planchet flaws, and inconsistent engraving were common issues, making well-struck examples highly desirable.
Mintage Chart for Draped Bust Half Dollar
The Draped Bust Half Dollar saw limited production compared to later U.S. coinage. Below is a breakdown of mintage numbers by year:
| Year | Mintage |
|---|---|
| 1796 | 3,918 |
| 1797 | 3,918 |
| 1801 | 30,289 |
| 1802 | 29,890 |
| 1803 | 188,234 |
| 1805 | 211,722 |
| 1806 | 839,576 |
| 1807 | 750,500 |
The mintage of the Draped Bust Half Dollar fluctuated significantly during its production years. The earlier years (1796–1797) are particularly rare, with low mintage numbers due to the limited production capabilities of the Mint and the relatively small demand for half dollars at the time. By 1803, mintage numbers increased, reflecting the growing economy and demand for silver coinage.
History of the Draped Bust Half Dollar
The Draped Bust Half Dollar was introduced in 1796, just a few years after the first U.S. coins were produced. At the time, the United States was still a young nation, struggling to establish a stable financial system. The Coinage Act of 1792 had authorized the creation of a national mint, but it wasn’t until 1794 that significant coinage production began.
The Draped Bust design was introduced as part of a broader effort to standardize U.S. coinage. The original Flowing Hair design, which had been used on earlier coins, was deemed too crude, prompting the Mint to commission a new, more refined design. The Draped Bust design, created by Gilbert Stuart, was chosen for its classical elegance and symbolic representation of liberty.
Initially, the reverse of the Draped Bust Half Dollar featured a small eagle, which was a continuation of earlier designs. However, by 1801, the Mint replaced the small eagle with the heraldic eagle, inspired by the Great Seal of the United States, to create a more imposing and recognizable design. This change also reflected the growing sense of national pride and identity in the post-Revolutionary War period.
The Draped Bust Half Dollar remained in production until 1807, when it was replaced by the Capped Bust Half Dollar. Despite its relatively short production run, the Draped Bust Half Dollar has become one of the most iconic and collectible coins in U.S. history.
Draped Bust Half Dollar Prices and Value
The Draped Bust Half Dollar is a highly valuable coin due to its rarity, historical significance, and aesthetic appeal. Prices vary widely based on factors such as year of production, condition, and whether the coin features the small eagle or heraldic eagle design.
Here’s a general price guide for Draped Bust Half Dollars:
- 1796 Half Dollar: The 1796 Draped Bust Half Dollar is one of the rarest U.S. coins. In Good (G4) condition, it can sell for $25,000 to $50,000, while higher-grade examples can exceed $100,000, depending on the condition and provenance.
- 1797 Half Dollar: Similar to the 1796 issue, the 1797 Draped Bust Half Dollar commands high prices due to its low mintage. In Good condition, these coins typically sell for $20,000 to $40,000, with mint state examples reaching six figures.
- 1801-1807 Half Dollars: The later Draped Bust Half Dollars, particularly those from 1805 to 1807, are more common and therefore more affordable. In Good condition, these coins sell for $1,000 to $3,000, while higher-grade specimens can fetch $10,000 or more.
Certified examples of Draped Bust Half Dollars from reputable grading services like PCGS and NGC tend to sell for higher prices, as their condition and authenticity have been verified. Collectors looking to invest in Draped Bust Half Dollars should seek out coins with strong eye appeal, minimal wear, and clear details.
Examples of Rare Draped Bust Half Dollars
While all Draped Bust Half Dollars are considered valuable due to their age and historical significance, certain dates and varieties are especially rare and highly prized by collectors. Here are some notable examples:
1796 Draped Bust Half Dollar (Small Eagle Reverse)
The 1796 Draped Bust Half Dollar with the Small Eagle reverse is one of the rarest and most coveted early U.S. coins. With a mintage of just 3,918, this coin is difficult to find in any condition, and prices can range from $25,000 for a well-worn example to over $200,000 for higher grades. This coin is further divided into two varieties: the 15-star and the 13-star versions, with the 15-star variety being slightly rarer.
1797 Draped Bust Half Dollar (Small Eagle Reverse)
The 1797 Draped Bust Half Dollar, like its 1796 counterpart, features the Small Eagle reverse and was minted in very limited numbers. With only 3,918 coins struck, it shares the same rarity and value range as the 1796 issue. Collectors particularly prize this coin due to the transition to the more common Heraldic Eagle reverse in later years.
1805 Draped Bust Half Dollar (Heraldic Eagle Reverse)
Though not as rare as the earlier small eagle varieties, the 1805 Draped Bust Half Dollar is notable for its high-quality design and historical significance. Minted in larger quantities (211,722 coins), it remains a valuable collectible, especially in higher grades. Prices for these coins range from $1,000 in good condition to over $20,000 for mint state examples.
Condition and Certification
The condition of a Draped Bust Half Dollar greatly impacts its value. Coins that have survived in good condition over the centuries are highly sought after by collectors. The grading scale, from Poor (P-1) to Mint State (MS-70), is used to determine a coin’s grade based on factors like wear, scratches, and the overall quality of the strike.
It’s highly recommended to have Draped Bust Half Dollars certified by professional grading services like the Professional Coin Grading Service (PCGS) or Numismatic Guaranty Corporation (NGC). Certified coins come with an assurance of authenticity and condition, which can significantly increase their market value. Additionally, certification helps protect buyers from counterfeits, which can be a concern with high-value coins from this era.
Varieties and Errors in the Draped Bust Half Dollar Series
The Draped Bust Half Dollar series includes a number of notable varieties and minting errors that can make a coin particularly rare and valuable. Here are a few examples:
Small Eagle vs. Heraldic Eagle Reverse
The transition from the Small Eagle to the Heraldic Eagle design is one of the most important varieties in the Draped Bust series. The Small Eagle reverse, used from 1796 to 1797, was quickly replaced by the more patriotic and bold Heraldic Eagle reverse in 1801. Coins with the Small Eagle design are rarer and generally more valuable.
Overdates and Misstrikes
Several Draped Bust Half Dollars feature overdates, where the engraver accidentally reused dies from a previous year, creating a coin that shows traces of two dates. For example, the 1806/5 Draped Bust Half Dollar is an overdate coin, where traces of the “5” from the previous year can still be seen. These coins are particularly popular with collectors and can command significant premiums.
Other varieties include misstrikes, where the dies were improperly aligned during the minting process, resulting in off-center designs or double strikes. These errors are rare but can add significant value to a coin, depending on the nature of the error and the condition of the coin.
Collecting Draped Bust Half Dollars: Tips and Advice
For collectors interested in Draped Bust Half Dollars, there are a few important factors to consider when building a collection:
- Focus on Quality: Since Draped Bust Half Dollars are already rare, finding coins in good condition can be a challenge. Whenever possible, aim to collect coins with sharp details and minimal wear. Even a common date coin in excellent condition can be more valuable than a rarer date in poor condition.
- Look for Key Dates and Varieties: The 1796 and 1797 Draped Bust Half Dollars with the Small Eagle reverse are some of the most valuable coins in the series. Additionally, coins with notable overdates or minting errors are highly prized by collectors.
- Seek Certification: Given the age and value of Draped Bust Half Dollars, seeking out certified coins from a trusted grading service is essential. Not only do coin grading companies, such as NGC and PCGS, assign a condition to the coins they certify, but they also authenticate the coins to ensure they are not fake as well as inspect them for other details, such as damage or cleaning. Certified coins are easier to sell and often fetch higher prices, and are also easier to determine a value vs. uncertified coins.
The Draped Bust Half Dollar is one of the most historically significant and collectible coins in U.S. history. With its elegant design, limited mintage, and connection to the early years of the American republic, these coins are highly sought after by collectors. Whether you’re a seasoned numismatist or just starting your collection, owning a Draped Bust Half Dollar offers a tangible connection to America’s rich numismatic past.