Lot 535
Capped Bust Half Dollar. 1836. Reeded edge. NGC graded AU-50. The key date to the series, only 1,200 were coined using the Philadelphia Mint's new steam press. We note the surfaces are toned a light silvery gray, and there is a minor flaw left of the date. These were likely struck for circulation and were the first coins struck on the new steam coining press.
It had been the goal of every Philadelphia Mint Director to use a steam press ever since Boulton demonstrated its value by coining over 34 million George III pennies in 1797 that were so identical in size that counterfeiters were unable to easily copy them without similar equipment. The idea of using steam for coinage had been the goal of John Pierre Droz, the Swiss watchmaker who worked briefly with Boulton in the early 1790s. One of the technical challenges was to invent a closed collar which could open and close as coins were struck. Droz tinkered with the idea and Boulton finally was successful. Thomas Jefferson tried in vain to have Droz come to America to assist or run the planned Philadelphia Mint, but he turned the offer down. Boulton had continued the experiments through the 1790s and with his enormous technical knowledge was able to overcome the obstacles.
Meanwhile, America didn't have foundry capable of forging the necessary equipment to make the steam coining press until 1836, and thus earlier coinage was struck on the old screw presses using an open collar.
Estimated Value $2,200 - 2,600.
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| Realized $2,530 |
