Production of the Stars Obverse half dime began in 1838. In 1840, the Philadelphia mint produced half dimes which had No Drapery or Drapery from the arm of Liberty. The With Drapery type is the rarer of the two. The 1840 No Drapery is seen in the lower Uncirculated grades and sometimes in Gem but not often in grades above MS65. Despite this fact, it remains an affordable issue.

This Gem example is fully struck and very frosty with lovely color and choice surfaces. The obverse is a medium golden-grey at the center with gunmetal and bluish pastels surrounding; the reverse is deeper and more even with a dusky russet overtone. A few tiny nicks in the upper left obverse field and the depth of the color on the reverse are probably all that keeps this exquisite coin from an even higher grade.

There have been a few APR’s for MS65 examples of this variety in the last two years but this is primarily reappearances of the same coin, graded by PCGS and approved by CAC, which has consistent brought in the $1,800-1,850 range.

This is the only 1840 No Drapery half dime accorded a plus by NGC and it is good value as an MS66 is worth in the $3,000-4,000 range depending on its quality and appearance.