1807 Half Dollars - Transition Year from Draped Bust to Capped Bust

In the entire history of half dollars, there have probably been few more interesting and diverse years than 1807. It was a year when collectors simply trying to keep up with the different issues could almost have worn a path to their source of new coins, which makes for a truly fascinating story for collectors today.

It all started out innocently enough. Silver dollar production had ended in 1804, so the half dollar was the largest silver coin of the United States in regular production. That gave it a significant role to play. It was needed in all corners of a growing nation for use in regular commerce; it was used for bank reserves; and, in a few cases, it was probably shipped off to other countries. That is a lot of demand at a time when the U.S. Mint was not really up to massive coin production.

The first 1807 half dollar was the Draped Bust design, which had been in use with a heraldic eagle reverse since 1801. It would prove to be the last of this design, but its mintage of 301,076 pieces was a very solid production given that it was not for the entire year. At $220 today [2018] in G4 condition, this is an example of an early type that many can afford. Even in MS60, with a current price of $9,000, you have to feel you are getting a good deal.


While the last of the Draped Bust half dollars were being produced, their replacements were being prepared. Mint Director Robert Patterson and President Thomas Jefferson had decided that it was time for new designs, and Patterson had just the man for the job: John Reich.


It appears that Jefferson was a little less convinced, but he eventually went along with hiring Reich, as engraver Robert Scot was in his mid 60s and from the wrong political party. Reich got the $600-a-year job, and the United States got a new Capped Bust half dollar design.

There were rumors that Liberty on the new half dollar was based on Reich’s “fat mistress.” While widely repeated, that claim has never stood up to logic. At a salary of $50 per month, Reich probably was not in a position to have a mistress; even if he did, it would have been well known and officials would never have allowed her on a coin. https://www.numismaticnews.net/collecting-101/1807-half-dollars-reflect-early-mint-history

They issued the Capped Bust from 1807-1839. I finally have examples of both the 1807 Draped Bust (graffiti), mintage 301,076, and a details 1807 Capped Bust (mintage reported to be about 750,000) that I won today! I got lucky that low bids on low level coins won (and with a fair bit of OT lately) - the Draped Bust was a bit more expensive than the capped, at $220 but still got both for about $400, which is rather above my normal coin budget. Most of my Capped Bust halves have been in the neighborhood of $50. I am now putting together a low level Capped Bust half dollar set – I’ve got 20 different years (multiples for some years) 12 years of which are slabbed and on the recommendation of some here, I’ve got the Overton book – Early Half Dollar Die Varieties, 1794-1836, though I’m still not very good at determining variety, that’s a work in progress too. Sellers pics on the Capped Bust. Do you have a preference / favorite half dollar design?

 

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Wow! That's quite the collection!

 

Nice set you have going, MIGuy, and thanks for the historical info. It's fun to put together a circ set of bust halves as most are available and you can pick and choose. Here are mine:

 

As to which design I prefer, I think draped bust wins. But, the heads of 1807-1808 have a dignity to them that that seems lacking in later years. Obviously highly subjective!

 

I have a few of these...






A word to MIGuy, though...It is my opinion and only my opinion that in the long run you might find yourself happier spending the same overall amount of money on half the number of coins in but in undamaged condition. You'll still get there--it'll just take a little longer.

 

I appreciate that some folks have more patience (or more money, lol) than I do - or just a different focus / perspective, but I'm not too bothered by Details coins - I'm in love with the history of these objects, the condition is a secondary concern to me. It's wonderful that I can acquire Details coins that please me at prices I can afford. To be clear, I'm just a basic collector, not an investor or registry set person (not yet anyway). That said, I must confess, to my amusement, that my Standing Liberty Quarter set started out the same way, and now the focus is on upgrading to straight graded AU / MS pieces, so we'll see where the future takes this set.

 

My well traveled examples. ICG called my CBH a flat strike but I don't think it is out of line for the date. Not sure why the pic appears to have marks on the cheek.

 

I was thinking the same. Quality over quantity.

 

Picked up another 1807 at the state convention today. It's the "Large Stars" O-114 instead of the more common 5/2 (actually 5 over inverted 5) reverse I showed above. Not a major cherrypick, but I'll take it. Maybe 200 dollars difference retail in this grade.