The Draped Bust Heraldic Eagle Half Dollar: A Look at a Rare Coin
The Draped Bust Small Eagle Half Dollar was minted for just two years, as was the Flowing Hair type that preceded it. No halves were minted from 1798 through 1800, and when the series resumed in 1801, the design was changed again. The obverse retained the Draped Bust design, but the reverse featured the Heraldic Eagle introduced on the Draped Bust Dime and Dollar in 1798 and the Draped Bust Half Dime in 1800.
Insight: Collectors find the transition between the Small Eagle and Heraldic Eagle designs intriguing due to the limited mintage and historical significance of these coins.
The eagle on the reverse was drawn from the Great Seal of the United States and engraved by Chief Engraver Robert Scot from an impression by artist John Eckstein.
Early mintages of the new half dollar type were higher than the last year of the Small Eagle reverse but not excessively so; the total number of coins minted in 1801 and 1802 was approximately 30,000 pieces each year. The mintage jumped to around 200,000 coins in 1803 and 1805. In 1806, the Philadelphia Mint struck 840,000 pieces.
Insight: The varying mintages of the Draped Bust Heraldic Eagle Half Dollar reflect the changing economic landscape and demand for coinage during the early 19th century.
No 1804-dated half dollars were produced, but the existence of an 1805/4 Draped Bust Half Dollar indicates that 1804-dated dies were prepared. United States Mint records indicate that over 155,000 half dollars were produced in 1804 using 1803-dated dies.
Many Draped Bust Half Dollars survive, making this series attractive to intermediate and advanced collectors. The Draped Bust Heraldic Eagle Half Dollar is considered one of the few early U.S. coin types for which a complete date series can be easily assembled. The availability of higher-grade circulated coins – and many uncirculated examples for most dates – is owed to the fact that the half dollar, being a considerable amount of money in the early 19th century, was struck primarily for banking purposes. When the coin-collecting hobby began to bloom in the 1850s, many of these coins were readily available.
How Much Are Draped Bust, Heraldic Eagle Half Dollars Worth?
Prices of Draped Bust Heraldic Eagle Half Dollars are modest at low grades, advancing as the grades approach Extra Fine and finer. Coins in this series are generally expensive in Mint State, especially examples with good eye appeal and CAC approval.
Insight: The value of these coins is influenced by their condition, rarity, and historical significance, making them desirable for collectors and investors alike.
Reflecting lower mintage totals, 1801 and 1802 coins are more expensive at all grades and very expensive at About Uncirculated and finer. The 1806 Knob 6 No Stem variety is rare and unknown in grades finer than XF40. The last two examples to sell at auction brought $84,000 and $105,750.
No Proofs are known.
Exclusive Coverage on CoinWeek
Charles Morgan Talks About the Draped Bust Half Dollar
In the videos above, CoinWeek Editor Charles Morgan talks about the 1802 Overton-101 and 1803 Overton-103 Draped Bust Heraldic Eagle Half Dollars.
Counterfeit Detection
Jack Young and the “Dark Side” Facebook group investigate a “family” of fake 1806 half dollars and provide important tips to help you avoid fake coins online.
Greg Reynolds on the Important Coins
U.S. coin expert and CoinWeek contributor Greg Reynolds writes about some of the important individual specimens of the Draped Bust Heraldic Eagle Half Dollar that have come to public auction in recent years.
Design
The obverse prominently displays Liberty in the center of the coin, her long flowing hair swept backward down her neck and tied at the back with a ribbon. Folded drapery is placed across her bust and shoulder. Thirteen six-pointed stars, the word LIBERTY at the top, and the date at the bottom form a circle inside the denticulated rim.
The reverse features a left-facing Heraldic Eagle, wings outstretched with the tips extending nearly to the denticulated or beaded border. The edge of the Draped Bust Heraldic Eagle Half Dollar is lettered with the inscription FIFTY CENTS OR HALF A DOLLAR, each word separated by a circle, rectangle, or star ornament.
Insight: The intricate design details of the Draped Bust Heraldic Eagle Half Dollar showcase the artistry and craftsmanship of early American coinage.
Varieties
The Guide Book (Red Book) lists 12 varieties, some of which are scarce or rare. The most popularly collected varieties include the 1803 Large 3 and Small 3, the 1805/4 overdate, the 1806/5, the 1806/9, the 1806 E/A (STATES over STATAS), and the 1806 No Stem and With Stem, among others.
Insight: Collectors find the different varieties of the Draped Bust Heraldic Eagle Half Dollar intriguing due to their unique characteristics and scarcity, adding depth to their collections.
Coin Specifications
| Draped Bust Half Dollar, Heraldic Eagle | |
| Years of Issue: | 1801-07 |
| Mintage: | High: 839,576 (1806, all varieties); Low: 29,890 (1802) |
| Alloy: | 89.24% silver and 10.76% copper |
| Weight: | ±13.48 g |
| Diameter: | ±32.50 mm |
| Edge: | Lettered: FIFTY CENTS OR HALF A DOLLAR (words separated by circle, rectangle, or star ornaments) |
| OBV Designer: | Robert Scot and John Eckstein |
| REV Designer: | Robert Scot and John Eckstein |
| Quality: | Business Strike |
Additional References
Bowers, Q. David. The Experts Guide to Collecting & Investing in Rare Coins. Whitman Publishing.
-. A Guide Book of United States Type Coins. Whitman Publishing.
Breen, Walter. Walter Breen’s Encyclopedia of U.S. Coins. Doubleday.
Guth, Ron and Jeff Garrett. United States Coinage: A Study by Type. Whitman Publishing.
Parsley, Donald L. United States Early Half Dollar Die Varieties, 1794-1836. Donald L. Parsley.
Taxay, Don. The U.S. Mint and Coinage. Arco Publishing.
Yeoman, R.S.. and Kenneth Bressett (editor). The Official Red Book: A Guide Book of United States Coins. Whitman Publishing.