SOLD – 50¢ – 1794 PCGS VF35 CAC

1794_50c_P35_CAC.jpg
1794_50c_P35_CAC.jpg
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SOLD – 50¢ – 1794 PCGS VF35 CAC

32,500.00

Serial Number 6051.35/25053402

PCGS Lookup Number 6051

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O-101a, R-4. Reverse die cracks as seen in Overton.

Among the various first-year-of-issue silver coins, the 1794 dollar is, of course, the rarest and most valuable. The second rarest is the 1794 half dollar which is much harder to find in collector grades (in this case VF and EF) than the 1796 Dime and 1796 Quarter. For years, the 1794 half was underpriced but the market has finally recognized how hard it is to find nice examples.

This specific coin is, in my opinion, much closer to being an EF40 than it is a “standard” VF35. The color is a lovely rich gunmental grey with a full two-tone appearance between the devices and fields. The detail is strongly suggestive of an EF coin and I think PCGS didn’t totally realize that this die variety/die state is almost always seen with weakness on the eagle’s breast; hence the lack of feathers. The surfaces are immaculate with no marks of note and no signs of adjustment save for a few faint horizontal lines on the top of Liberty’s hair which are nearly invisible. The naked-eye appearance is really exceptional!

This coin is nicer than the non-CAC PCGS VF35 which brought $27,025 in Stacks Bowers 11/11 sale (Lot 2229) as that coin had some major reverse adjustment marks. It is also a nicer coin, in my opinion, than the PCGS EF40 which was sold as Lot 7332 in Stacks Bowers 2011 ANA auction at $37,375.

The market for 1794 half dollars peaked in late 2007/mid 2008 when VF35 examples traded for close to $40,000. As an example, Heritage 2008 ANA: 1658, graded VF35 by NGC, sold for $37,375 and it was 5-10 points less sharp than the example I am offering here.

If you have been looking for a nice 1794 half dollar for your type set or if you appreciate great quality first-year-of-issue early coins, you could search for years and not find a nicer example than this. I am pleased to offer this choice, lovely coin and can recommend it with a high degree of enthusiasm.

CAC has approved four examples in this grade with five finer.