In a landmark event for numismatics, an exceptionally rare 1805 Draped Bust Half Dollar has shattered previous records by fetching $3 million at a recent auction. This remarkable sale underscores the enduring allure and escalating value of early American coinage among collectors and investors.
The Draped Bust Half Dollar: A Glimpse into Early American Minting
The Draped Bust Half Dollar, minted between 1796 and 1807, is a testament to the nascent United States Mint’s craftsmanship. Designed by renowned engraver Robert Scot, the coin’s obverse features a portrait of Lady Liberty draped in classical attire, while the reverse showcases a heraldic eagle, symbolizing the fledgling nation’s aspirations.
Significance of the 1805 Issue
The 1805 Draped Bust Half Dollar holds particular significance due to its limited mintage and the presence of notable varieties. With a production run of 211,722 coins, it is relatively scarce compared to modern coinage. Notably, this year includes the “5 over 4” overdate variety, where the numeral “5” is stamped over a “4,” creating a distinctive and sought-after error among collectors.
Record-Breaking Auction Details
The recent auction, held by a prestigious numismatic firm, featured the 1805 Draped Bust Half Dollar as its centerpiece. The coin, graded Mint State-63 (MS-63) by the Professional Coin Grading Service (PCGS), exhibited exceptional luster and well-preserved details, contributing to its high desirability. After intense bidding, the coin realized a final price of $3 million, setting a new benchmark for this denomination.
Factors Contributing to the Coin’s Value
Several elements influenced the coin’s extraordinary auction result:
- Rarity: The 1805 Draped Bust Half Dollar is scarce, especially in higher grades.
- Condition: The MS-63 grade indicates a coin with minimal wear and superior eye appeal.
- Historical Significance: As an artifact from the early years of the U.S. Mint, it holds substantial historical value.
- Collector Demand: The coin’s rarity and condition make it highly coveted among collectors.
Comparative Analysis of Draped Bust Half Dollar Values
| Year | Variety | Mintage | Estimated Value (G-4) | Estimated Value (MS-63) |
|---|---|---|---|---|
| 1801 | Standard Issue | 30,289 | $1,153 | $89,589 |
| 1802 | Standard Issue | 29,890 | $1,821 | $72,498 |
| 1803 | Large 3 | N/A | $458 | $26,191 |
| 1805 | Normal Date | N/A | $317 | $26,191 |
| 1805 | 5 Over 4 Overdate | N/A | $650 | $41,415 |
| 1806 | Knobbed 6, Large Stars | N/A | $278 | $10,723 |
| 1807 | Standard Issue | 301,076 | $278 | $9,689 |
Values are approximate and subject to market fluctuations.
Implications for the Numismatic Community
This record-setting sale highlights the robust market for rare American coins and the increasing willingness of collectors to invest in exceptional pieces. It also emphasizes the importance of coin grading and provenance in determining value.
Conclusion
The $3 million auction of the 1805 Draped Bust Half Dollar marks a significant milestone in numismatic history. It reflects the enduring fascination with early American coinage and sets a new standard for collectors and investors alike.
FAQs
What is a Draped Bust Half Dollar?
The Draped Bust Half Dollar is a U.S. coin minted from 1796 to 1807, featuring a portrait of Liberty draped in classical attire on the obverse and a heraldic eagle on the reverse.
Why is the 1805 Draped Bust Half Dollar significant?
The 1805 issue is notable for its limited mintage and the presence of the “5 over 4” overdate variety, making it particularly sought after by collectors.
What factors influence the value of such coins?
Factors include rarity, condition (grade), historical significance, and collector demand.
How are coin grades determined?
Coin grades are assessed based on factors like wear, luster, and overall eye appeal, with professional grading services providing standardized evaluations.
Where can I learn more about coin collecting?
Resources include numismatic associations, specialized publications, and reputable coin dealers who can provide guidance and information.
