1836 Capped Bust Half PCGS MS 64, Reeded Edge
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I'm on vacation in Mont Tremblant, Canada, waiting for my family to wake up, so I've got some time to kill. Found this on my computer - an old write up and image. Thought you would enjoy it. [For what it's worth, the fishing has been marginal. We've caught quite a few Rock Bass, a couple of Smallmouth Bass and I almost got a 5 pound (yes, a baby) Muskelounge (SP?) on to the shore.]
1836 Bust Half with Reeded Edge, PCGS MS 64, holder no. 6175.64/21125061. Designed by Christian Gobrecht, Bust Halves with Reeded Edges dated 1836 were the first coins made for circulation on the new steam press at the mint. Steam coinage had been a goal of Mint Directors ever since 1797, when Matthew Boulton first demonstrated its value by minting over 34 million coins for the government of George III, more nearly identical and more difficult to counterfeit, than any similar quantity of coins had ever been. However for a variety of reasons, no foundry in the USA could build a steam coinage press until 1836.
Only 1200 halves dated 1836 were struck on the new steam press, accounting for its status as a classic American rarity. The coin has always been scarce in any grade, but it gets exceedingly rare in uncirculated condition. In fact, according to the January 2002 PCGS Population Report, PCGS had holdered just this one coin in MS 64 with none finer. At the time of writing, the Coin Dealer Newsletter listed the coin at $25,000 and Coin World (Trends) listed the coin at $35,000.
This coin exhibits original surfaces with evenly distributed grey-lilac toning. The luster is uniformly strong and somewhat surprisingly so when considering that this is a coin over 150 years old. The coin is fully struck and there are no significant detractions on either side of the coin. A high-end classic American rarity.
(The Following is from United States Dimes, Quarters and Half Dollars by David Bowers) 1836-1839 Half Dollars. Toward the end of 1836 a new half dollar design appeared. The Capped Bust obverse and perched eagle reverse were retained, but the diameter was reduced, the features were more sharply defined, and the lettered edge was discontinued in favor of a reeded edge. These coins, the first to have a “modern” appearance, were produced on new steam-powered presses installed at the Mint in the autumn of 1836. This innovation, coupled with refinements in the die preparation process, resulted in coinage from this point forward being more “mechanical” than the early years. Individual characteristics became minimal, and differences among half dollars were mainly limited to minor variations date numeral positions and sizes.
Prior to the advent of the reeded edge style, half dollars were struck in screw presses in an open collar. This was necessary, for the planchets had lettered edges, and the use of a closely restraining collar would have caused the lettering to be obliterated. By not using a tightly restrictive collar, the planchets could spread out slightly as the pressure was applied, and the edge lettering would remain intact.
The new steam-actuated coining equipment permitted coins to be uniform and to be produced at greater speed. The reeded-edge issues were struck using a closed collar with edge milling or reeding. As a metal from the planchest spread outward, it filled the milling in the edge collar and produced the milled or reeded edge design.
Half dollars featuring the Capped Bust obverse and with reeded edge were produced in two significant styles. Those dated 1836 and 1837 have the denomination on the reverse as 50 CENTS, while those produced in 1838 and 1839 have the value expressed as HALF DOL. There are several other minor differences as well, particularly on the reverse of the latter style.
The 1836 reeded edge half dollar is usually seen in worn grades. Uncirculated examples are great rarities and are not seen much more frequently than are Proofs. The typical example is apt to grade Very Fine or Extremely Fine. Around 1971, John Kamin, publisher of The Forecaster, took note of the mintage figure of 1,200 1836 reeded edge half dollar in comparison with the 3,629,820 of the 1837 date and recommended that his readers make appropriate investments in those dated 1836. As there were very few 1836 reeded edge half dollars on the market, this spurred a dramatic overnight jump in the price.
By comparison, the 1837 half dollar is readily available in all grades, especially Fine to AU. Most seem to grade Very Fine to Extremely Fine. Choice Uncirculated specimens, while not great rarities, are not seen with frequency on today’s market, simply because the demand for their inclusion in type sets has spread the supply far and wide.
1836 Bust Half with Reeded Edge, PCGS MS 64, holder no. 6175.64/21125061. Designed by Christian Gobrecht, Bust Halves with Reeded Edges dated 1836 were the first coins made for circulation on the new steam press at the mint. Steam coinage had been a goal of Mint Directors ever since 1797, when Matthew Boulton first demonstrated its value by minting over 34 million coins for the government of George III, more nearly identical and more difficult to counterfeit, than any similar quantity of coins had ever been. However for a variety of reasons, no foundry in the USA could build a steam coinage press until 1836.
Only 1200 halves dated 1836 were struck on the new steam press, accounting for its status as a classic American rarity. The coin has always been scarce in any grade, but it gets exceedingly rare in uncirculated condition. In fact, according to the January 2002 PCGS Population Report, PCGS had holdered just this one coin in MS 64 with none finer. At the time of writing, the Coin Dealer Newsletter listed the coin at $25,000 and Coin World (Trends) listed the coin at $35,000.
This coin exhibits original surfaces with evenly distributed grey-lilac toning. The luster is uniformly strong and somewhat surprisingly so when considering that this is a coin over 150 years old. The coin is fully struck and there are no significant detractions on either side of the coin. A high-end classic American rarity.
(The Following is from United States Dimes, Quarters and Half Dollars by David Bowers) 1836-1839 Half Dollars. Toward the end of 1836 a new half dollar design appeared. The Capped Bust obverse and perched eagle reverse were retained, but the diameter was reduced, the features were more sharply defined, and the lettered edge was discontinued in favor of a reeded edge. These coins, the first to have a “modern” appearance, were produced on new steam-powered presses installed at the Mint in the autumn of 1836. This innovation, coupled with refinements in the die preparation process, resulted in coinage from this point forward being more “mechanical” than the early years. Individual characteristics became minimal, and differences among half dollars were mainly limited to minor variations date numeral positions and sizes.
Prior to the advent of the reeded edge style, half dollars were struck in screw presses in an open collar. This was necessary, for the planchets had lettered edges, and the use of a closely restraining collar would have caused the lettering to be obliterated. By not using a tightly restrictive collar, the planchets could spread out slightly as the pressure was applied, and the edge lettering would remain intact.
The new steam-actuated coining equipment permitted coins to be uniform and to be produced at greater speed. The reeded-edge issues were struck using a closed collar with edge milling or reeding. As a metal from the planchest spread outward, it filled the milling in the edge collar and produced the milled or reeded edge design.
Half dollars featuring the Capped Bust obverse and with reeded edge were produced in two significant styles. Those dated 1836 and 1837 have the denomination on the reverse as 50 CENTS, while those produced in 1838 and 1839 have the value expressed as HALF DOL. There are several other minor differences as well, particularly on the reverse of the latter style.
The 1836 reeded edge half dollar is usually seen in worn grades. Uncirculated examples are great rarities and are not seen much more frequently than are Proofs. The typical example is apt to grade Very Fine or Extremely Fine. Around 1971, John Kamin, publisher of The Forecaster, took note of the mintage figure of 1,200 1836 reeded edge half dollar in comparison with the 3,629,820 of the 1837 date and recommended that his readers make appropriate investments in those dated 1836. As there were very few 1836 reeded edge half dollars on the market, this spurred a dramatic overnight jump in the price.
By comparison, the 1837 half dollar is readily available in all grades, especially Fine to AU. Most seem to grade Very Fine to Extremely Fine. Choice Uncirculated specimens, while not great rarities, are not seen with frequency on today’s market, simply because the demand for their inclusion in type sets has spread the supply far and wide.
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It would be interesting to see a comprehensive study on the number extant of 1836 RE halves. I have data showing more than 300 sold over a ten year period, an auction frequency greater than 1802 and even 1815 halves. Anyway you look at it, the reported mintage of 1200 does not fit, as the survival rate could not have been 50-100%, as many 1836 RE's circulated. Certainly the survival was higher than the 1-2% for other bust halves because of first year type, but should not be much more than 5%. The true mintage was either buried with the 1836 LE or 1837 mintages, or as someone mentioned on another message board, they dropped one or two zeros on the 1200 reported mintage