V-3, LM-3. Rarity-4. Easily identifiable by the presence of a pie-shaped pair of reverse cracks that merge at the rear feathers of the eagle.

The half dime was one of the first three silver denomination made, along with the half dollar and the rare silver dollar. The half dime is almost never seen in the popular collector grades of EF40 and EF45 and certainly not with the amount of originality which this piece possesses.

Both the obverse and reverse show deep gunmetal grey color with a partial “circulation cameo” effect. The surfaces are very clean save for one old, hidden hairline scratch on the obverse; the reverse is especially choice. The central details are typically weak but this is common both on this date and this variety. The eye appeal is excellent and it would be hard to imagine a nicer coin for the grade.

Only three PCGS EF45 1794 half dimes have sold at auction since the beginning of 2002.

For many years, the 1794 half dime was severely undervalued but as early type became “faddish” in the early to mid-2000′s, prices rose accordingly. To my way of thinking, these first-year-of-issue coins are still a good value and when one considers what a 1794 half dollar or silver dollar would cost in PCGS/CAC EF45…whew!

CAC has approved just two in this grade with 10 finer.

Ex Heritage 1/13: 3875, as a non-CAC coin, where it sold for $7,050.