Lot 754
1849-O. NGC graded MS-66. A nice deep impression with untoned frosty mint surfaces. Delicate "old-silver" iridescence decorates both sides of this wholly lustrous Gem. The original finish is decidedly satiny in sheen (another NGC MS66 is prooflike), while the strike is sufficiently inviting for the issuing Mint, not sharp, but New Orleans Half Dimes are rarely sharp. A prestigious offering in all regards, there are no distracting abrasions to report.
The problem as far as collectors and investors are concerned comes with simply locating an 1849-O in today's market. The original mintage was fairly low, 140,000 pieces, and circulation seems to have asserted itself over many of these coins, now badly worn. Further, countless others were likely melted as the California Gold Rush resulted in an increase in the price of silver to the point where old tenor Half Dimes became worth more as bullion than as a circulating medium. While the occasional circulated and/or impaired survivor is available, Gem Mint State representatives are rare and seldom available.
Post-1840, the Half Dime retained Christian Gobrecht's original design for Liberty, however the Mint had Robert Ball Hughes make a new hub in that year. This design was adopted by the New Orleans Mint the following year, and the stars would remain an integral part of the obverse motif through 1859.
The Half Dime is a long-obsolete denomination that, interestingly, lives on in today's Five-cent Jefferson coin. When the founding fathers established a monetary system, they included a Five-Cent coin to be struck in silver. Since the Ten-Cent coin received the name of "Dime," it only made sense for its Five-Cent counterpart to be called a "Half Dime." The beginning of the end for this denomination came with the crises set off by the Civil War, and the hoarding and rapid disappearance of all silver coins from the war-torn Eastern States. Since the Half Dime did not return to widespread circulation with the end of that conflict, a replacement was urgently needed. Following on the success of the Nickel Three-Cent piece introduced the previous year, Congress authorized a Nickel Five-Cent coin for production in 1866. The introduction of the Nickel did not immediately signal the end of the Half Dime. The Shield Nickel was not widely accepted in the Western areas of the country, where silver coins were preferred in commercial exchange. With passage of the Mint Act of February 12, 1873, however, the Half Dime finally met its match and disappeared into history as one of several denominations abolished by Congress that year. Pop 3; none finer at NGC .
Estimated Value $11,000 - 12,000.
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