O-101, R-3. Housed in an old “rattler” holder and probably nicer than VF20 by today’s standards; I would grade this coin VF25.

For years, 1794 half dollars were unappreciated and undervalued. As the price of 1794 dollars went through the proverbial roof, levels went up for the half dollar. Today, collectors realize the rarity and numismatic significance of this, the very first United States half dollar ever struck. Most available examples are in very low grades and pleasing collector grade 1794 halves are both scarce and in great demand.

This lovely example is notable for its originality. The obverse is well detailed and exhibits deep iridescent hues below a battleship grey overtone; the reverse shows slightly different underlying rose and gold pastels and is not quite as sharp. Some old scratches can be seen on the obverse below the toning but these are not detracting; the reverse has a few parallel adjustment marks which run from the rim at ST in STATES through the eagle’s head and ending at the left wing. The overall appearance is excellent and it would be difficult to find a nicer VF without going up to the 30-35 range.

In recent years, a few good auction comparables are available. A nice PCGS VF20 with CAC approval brought $28,200 as Heritage 1/14: 5237 while a non-CAC PCGS VF20 realized $24,675 as Heritage 4/13: 6418.

This pleasing 1794 half dollar has a number of “bells and whistles” which the advanced type collector should find appealing and one would have to look far and wide to locate a choicer example.

CAC has approved four in VF20 with another 22 finer.