1839 Capped Bust Half Dollar. Reeded Edge. HALF DOL. GR-1. Rarity-7.

Exceedingly Rare 1839 Small Letters Reverse Capped Bust Half Dollar 1839 Capped Bust Half Dollar. Reeded Edge. HALF DOL. GR-1. Rarity-7. Small Letters. AU-50 (NGC). As the single rarest circulation-strike Capped Bust Reeded Edge half dollar, the 1839 Small Letters Reverse enjoys a certain cachet that cannot be rivaled within the series. Specialists eagerly track the few examples that come to market, while treasure-hunting collectors faithfully turn over each 1839 Capped Bust half dollar they encounter, hoping to spot the telltale pickup points of this celebrated rarity. In the spring of this year, we sold a newcomer to the census-the lowest-graded example known-which brought the roster of reported specimens to 13. Certified PCGS AG-3, it realized an astounding $33,600. It has been nearly seven years since we last offered a higher-grade example, the E. Horatio Morgan specimen in PCGS EF-40. The coin offered here possesses the finest striking detail of any verified example and may very well be the finest numerically graded specimen whose existence can presently be confirmed. Its appeal as a Guide Book type cannot be overstated, and for the specialist in Reeded Edge half dollars, it is a coin of dreams. Maurice Rosen is credited with first identifying the 1839 Small Letters as a separate design around September 1972. Walter Breen, after studying the variety closely, recognized that its unusual reverse featured the same eagle hub as the rare 1839-dated Judd-95 pattern, a muling of unrelated dies produced by the Mint for collectors in the 1860s. Dick Graham, author of the standard reference on the Reeded Edge half dollar series, describes the reverse as "smaller and more compact than any eagle on any other variety," while the legend is likewise "smaller and farther from the rim." By far the easiest characteristic to recognize, however, is the position of the lowest arrow feather in relation to the olive branch. On the Small Letters reverse, only the tip of this feather is visible below the branch, whereas all other reverses display a substantial portion of the feather below the end of the branch. The obverse of the present example displays a bright silver center with darker slate-gray and dusky-blue patina clinging to the peripheries and devices. The striking detail is remarkable and the finest seen among all verified examples; the stars, drapery, and date are bold and fully formed. The fields are glossy and display hairlines from a past cleaning, though NGC has net-graded the coin without calling it out. A pair of parallel planchet roller streaks, as made, extends diagonally from the rim to the top of star 3, through stars 4 through 6, and back to the rim. Curiously, such streaks are present on every known example of the variety, appearing on either the obverse or reverse. A small dig in the field to the right of stars 2 and 3 serves as a useful provenance marker. The patina is somewhat more pronounced on the reverse, with dusky blue dominating the fields and even antique-silver coloration covering the devices. Deeper slate-gray outlines portions of the devices and lettering. The fields are again glossy, though less noticeably so than on the obverse. An old scratch in the field above the eagle's head, nearly touching the A of STATES, provides another useful provenance marker for future researchers. The all-important smaller letters of the legend, for which this variety is named, are bold. It is worth delineating the known examples to place the present offering properly in context. The following roster relies heavily on Dick Graham's work as published in A Registry of Die Varieties of Reeded Edge Half Dollars, 1836-1839 (2012) and is updated here. 1 - PCGS MS-63. Existence Unconfirmed. Graded in 1997 and listed on the PCGS Population Report. We, along with others, have repeatedly listed this coin in census information. Graham, in 2012, wrote that Ron Guth was confident in the attribution. In conversations with Guth while preparing this description, however, he now lists the coin as "existence unconfirmed," further noting that "that coin has never appeared on the market and no credible expert has seen the coin. Thus, in my opinion, without any evidence or direct knowledge, I suspect the coin was misattributed. I hope I am wrong." Without a researcher being able to confirm either the coin or its owner, it may indeed represent an old misattribution. Alternatively, it may still be hiding in someone's cabinet, forgotten and awaiting rediscovery. 2 - NGC AU-50. The Greer-Carter-Koenings Specimen. Discovered in December 2008. Ex our (Stack's) New York Americana Sale of January 2010, lot 3231; unknown intermediaries; Jim Koenings, acquired via eBay, November 2017, seller not recorded. Described by Dick Graham as heavily cleaned with hairlines, but possessing the best striking detail of any example he had observed. The present example. 3 - NCS AU Details--Improperly Cleaned. The Jules Reiver Specimen. Discovered by Julian Leidman in Reiver's collection circa 1980, an event that piqued Reiver's interest in Reeded Edge halves. Ex Heritage's sale of the Jules Reiver Collection, January 2006, lot 23442. 4 - PCGS EF-45+. The Charlton "Swampy" Meyer Specimen, and the Discovery Coin. Discovered by Maurice Rosen in 1972. Ex First Coinvestors, Inc.; Pine Tree Rare Coin Auctions' 1973 GENA Sale, September 1973, lot 279; unknown intermediary; Julian Leidman; Charlton "Swampy" Meyer Collection, by sale, July 1988; Heritage's ANA Signature Auction, July-August 2008, lot 1689; Heritage's sale of the Joseph C. Thomas Collection, April 2009 CSNS Signature Auction, lot 2457, via Larry Hanks; our sale of the D. Brent Pogue Collection, Part IV, May 2016, lot 4008; Charles Link Collection. 5 - PCGS EF-40. CAC. The E. Horatio Morgan Specimen. Ex our sale of the E. Horatio Morgan Collection of U.S. Half Dollars, November 2019, lot 7198. Purchased in July 1988 from International Coins and Currency of Montpelier, Vermont. 6 - PCGS VF-35. The Mason-Dixon Collection Specimen. Discovered in March 2004. 7 - PCGS VF-20. The Southland Collection Specimen. Ex Julian Leidman; Stanley Scott Collection; our (Bowers and Ruddy's) Roy Harte Collection sale, November 1977, lot 2650; Kagin's GENA Sale, September 1981, lot 1133; Kagin's 333rd Sale, March 1984, lot 1686; Heritage's CSNS Signature Auction, May 2007, lot 2131; our (Stack's) Franklinton Collection Part II sale, January 2008, lot 495; our (Stack's) Entlich, White Oak, Gross and St. Andre Collections sale, March 2009, lot 3948. 8 - Very Fine, Cleaned. Part of a Maryland Collection. Auctioned unattributed on eBay, October 2007. 9 - Very Fine, Graffiti. Part of a Midwest Collection. Purchased from Jonathan Kern. 10 - Fine+. The Walt Bodine Collection Specimen. Discovered in a Florida coin shop circa 1987. Not seen by Dick Graham. 11 - PCGS Fine Details--Filed Rims. Ex Heritage's Long Beach Signature Auction, June 2015, lot 3964; offered again in Heritage's Long Beach Signature Auction, October 2022, lot 3049. Possibly the same coin as #10 above. 12 - PCGS Good-4. The Merrill Collection Specimen. Ex Heritage's Long Beach Signature Auction, February 2018, lot 3892. 13 - PCGS AG-3. Discovered unattributed in Cape Cod, Massachusetts, and purchased from a bullion dealer as part of a larger group of Capped Bust half dollars. Sold in our Spring 2026 sale, lot 3053, for $33,600. Any offering of an 1839 Capped Bust Small Letters half dollar is a major event worthy of attention. That the present coin is the finest numerically graded example whose existence has been confirmed, while also possessing the best striking detail of any verified specimen, makes it a prime candidate for the advanced specialist. It should likewise be considered of exceptional importance to the collector seeking to complete a Guide Book set. Just 13 examples are presently reported, and even that number may prove too high if the reported MS-63 was misattributed and specimens #10 and #11 are indeed the same coin. We anticipate considerable interest from several different segments of the hobby. Bust half enthusiasts, Reeded Edge half dollar specialists, and Guide Book type collectors will all recognize the significance of the opportunity presented here. Only one collector can prevail. Opportunity is knocking! Jim Koenings Commentary: This is one of my four favorite Reeded Edge half dollars. Having failed to win a lower-grade specimen in two separate coin auctions, I took advantage of the opportunity to own the Greer-Carter specimen when it was offered on eBay. The seller allowed me to make a deposit and refinance my home. In November 2017, I became the latest owner. At NGC AU-50, mine is the highest graded coin of 12 positively confirmed specimens. Provenance: From the Jim Koenings Collection. Earlier from our (Stack's) New York Americana Sale of January 2010, lot 3231; unknown intermediaries; Jim Koenings, purchased via eBay, November 2017, seller not recorded. PCGS# 6180. NGC ID: 2U29. Click here for certification details from NGC.

Utropspris:SEK 9.95

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