Lot 1303
1795. . LM-8, V-5. PCGS graded MS-61. CAC Approved PQ. Housed in an Old Green Holder. Only 1,750 example are estimated to have survived. Pop 6; 111 finer. Nicely struck and exhibits attractive old time toning.
During the colonial era, the economic system in the American colonies was tied into the English system of pounds, shillings and pence. A less cumbersome method of coinage, the decimal system, had long been championed by Thomas Jefferson, Alexander Hamilton and financier Robert Morris. After several unsuccessful attempts to pass authorizing legislation, their plans finally came to fruition with the Mint Act of April 2, 1792. Both the establishment of a mint and the decimal system were not only seen as practical for the new nation but symbolic of a break from England as well.
The production of these coins was an act of incredible political significance. In the past, coinage of silver was a royal prerogative. In a new, purely Democratic society such as the United States, the coinage of silver was a clear and distinct act of national independence.
The Flowing Hair half dimes of 1794-95 were designed by Robert Scot, the chief engraver of the Mint. Scot's design features a head of Liberty facing to the right with distinctive flowing hair. Fifteen stars, arranged 8x7, surround the head with the date below and the word LIBERTY above. On the reverse, an eagle stands amid an olive branch with the legend UNITED STATES OF AMERICA around it. There is no indication of this coin's value on either side, nor would there be until the Capped Bust design was adopted in 1829.
This is one of the often-seen 1795 varieties and it is always in demand by type, date, and variety collectors. The obverse, which was shared with two different reverse dies, has a prominent crack from the rim through Y to the nose, face, neck, and the top of the 7 in the date. There is no evidence of reverse die defects.
A delicately frosted specimen with glints of mellow gold over antique silver shades on both sides. Nearly fully struck, however just a hint of limitation in the detail at the eagle’s chest and wing tops. Some very slight adjustment evident through one wing (PCGS # 4251) .
Estimated Value $10,000 - 11,000.
Ex: Superior Auction October 1995 Lot 145.
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| Realized $12,995 |
