Lot 1264
1796/5 Draped Bust Half Dime. . LM-2. NGC graded MS-60. A bit soft in the center, plus adjustment marks on the reverse. A memorable coin for its original mint luster and seldom offered in Mint condition. Pop 2; 2 in 62; 2 in 63; 1 in 66.
On the LM-2 (Valentine-2) overdate, the previous 5 is centered below the 6 with its flag visible above the 6. The reverse has a bisecting crack from the second T of STATES, through the eagle, and down to the right stem end and border, which along with the adjustment marks, possibly accounts for the softly defined centers. Choice rims and fine detail in the wreath.
In the year 1796, the draped bust obverse with small eagle reverse made its appearance for silver half dime coinage. Artist Gilbert Stuart, contemplating the flowing hair motif, remarked in 1795 that "Liberty on the other coins had run mad. We will bind it up and thus render her a steady matron." Accordingly, Stuart created what we know today as the draped bust obverse motif.
The new design depicted the draped bosom of Liberty facing right, the word LIBERTY above, the date below, and stars to left and right, on the obverse. The reverse showed an eagle perched on a cloud within a wreath composed of an olive branch to the left and palm leaves to the right, tied with a bow at the bottom. The inscription UNITED STATES OF AMERICA surrounds. There is no denomination present; size alone told the owner what it was. The edge is milled (reeded).
Estimated Value $18,000 - 20,000.
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