On the morning of March 4, 1801, as Thomas Jefferson took the oath of office as the third President of the United States, a modest number of silver half dollars bearing the elegant Draped Bust design were being struck at the Philadelphia Mint. These coins—minted in the first year of a new century and a new presidential administration—would circulate in a nation still finding its footing, where the average daily wage was less than one dollar.
Today, these silent witnesses to America’s formative years stand as tangible connections to our past and represent significant prizes for serious numismatists. With fewer than 35,000 pieces ever minted and far fewer surviving, the 1801 Draped Bust Half Dollar offers collectors both historical significance and numismatic challenge.
Specifications
The 1801 Draped Bust Half Dollar contains 89.24% silver and 10.76% copper, matching the standard established by the Coinage Act of 1792. Each coin weighs 13.48 grams (208 grains) and measures 32.5mm in diameter. The edge features the characteristic reeded pattern designed as an anti-counterfeiting measure and to prevent the once-common practice of “clipping” precious metal from coins.
The obverse showcases Liberty with flowing hair designed by artist Robert Scot, facing right with her bust draped in cloth—hence the “Draped Bust” designation. The word “LIBERTY” appears above the portrait with the date “1801” below. Stars representing the states flank Liberty: 7 to the left and 6 to the right, reflecting the 13 states of the Union at that time.
The reverse displays the small eagle design (predating the Heraldic Eagle that would appear on later issues), surrounded by a wreath and the inscription “UNITED STATES OF AMERICA.” The denomination appears as “50 C.” below the wreath, marking this as the fifty-cent piece.
When handling these coins, collectors should remember that the silver-copper composition is susceptible to oils from skin contact. Use cotton gloves or hold coins by their edges to prevent long-term damage to the surface.
Mintage & Mint Marks
The Philadelphia Mint was the only facility producing silver coins in 1801, so 1801 Draped Bust Half Dollars bear no mint mark. The official mintage figure stands at 30,289 pieces according to Mint records, with modern researchers estimating that approximately 2-3% have survived to the present day in all grades. This low survival rate results from both extensive circulation and the widespread melting of silver coins during price spikes in precious metals.
The 1801 mintage represents one of the smaller productions of early half dollars, making these coins considerably scarcer than those from surrounding years. By comparison, 1800 saw a mintage of 37,628 pieces, while 1802 production increased to 29,890 coins. The scarcity of the 1801 half dollar becomes particularly apparent in grades above Very Fine, where examples are genuinely rare.
Grading Standards & Diagnostic Traits
The 1801 Draped Bust Half Dollar follows standard Sheldon Scale grading criteria, though with particular attention to certain diagnostic areas. Understanding these grade-specific characteristics helps collectors make informed purchasing decisions:
Good (G-4): Major design elements remain visible but with heavy wear. Liberty’s profile is flattened, with little detail in hair. The date remains readable, though potentially worn. On the reverse, the eagle outline is visible but most feather detail is gone. Many examples in this grade show smoothing in the fields from decades of circulation.
Very Good (VG-8): Liberty’s facial features become more distinct though still worn. Some separation in hair strands near the forehead. The reverse shows improved outline of the eagle with minimal interior detail. Lettering remains complete and more pronounced.
Fine (F-12): Liberty’s profile shows better definition, with distinct facial features and partial hair detail. The reverse eagle displays some feather separation, particularly on the wings. Denticles (tiny tooth-like projections around the rim) begin to appear, though they may be worn on high points.
Very Fine (VF-20 to VF-35): Key diagnostic areas include Liberty’s hair ribbons, which now show clear separation and texture. Breast feathers on the eagle become individually distinguishable. In VF-35, the wreath details show distinct leaf veins and berries. High points maintain moderate wear but lower relief areas retain good detail.
Extremely Fine (EF-40 to EF-45): Light wear appears only on the highest points. Liberty’s hair strands show individual definition except at the very highest points. Eagle feathers demonstrate clear separation and most fine details of the wreath are visible. Surface may retain some luster in protected areas.
About Uncirculated (AU-50 to AU-58): Only slight friction on highest points with at least 50% of original mint luster present. Full detail visible in Liberty’s hair, eagle’s feathers, and wreath except for minimal wear on absolute highest points. Critical diagnostic check: examine Liberty’s cheek and the eagle’s breast for signs of friction.
Mint State (MS-60 to MS-65+): No wear, though quality of strike, luster, and surface preservation determine the grade. True Mint State examples of 1801 half dollars are exceedingly rare, with fewer than 20 pieces estimated to exist across all MS grades. The few known specimens typically show characteristic adjustment marks (file marks created at the Mint to adjust planchet weight) and strike weakness.
When evaluating an 1801 half dollar, pay particular attention to the center of the obverse and reverse, as these areas often suffered from weak strikes due to the limitations of early minting technology. The presence of adjustment marks, while technically flaws, are considered acceptable characteristics of early American coinage and do not severely impact value unless they substantially mar the design.
Value by Grade
The 1801 Draped Bust Half Dollar commands significant premiums across all grades due to its historical importance and relative scarcity. Current market values based on recent PCGS price guides and Heritage Auction results show:
| Grade | PCGS Value (2025) | Recent Auction Range |
| G-4 | $1,750-2,000 | $1,400-2,200 |
| VG-8 | $2,500-2,800 | $2,200-3,100 |
| F-12 | $3,200-3,800 | $3,000-4,200 |
| VF-20 | $5,500-6,500 | $5,000-7,000 |
| VF-35 | $9,000-10,500 | $8,200-11,500 |
| EF-40 | $16,000-18,000 | $15,000-20,000 |
| EF-45 | $22,000-26,000 | $21,000-28,000 |
| AU-50 | $40,000-45,000 | $38,000-52,000 |
| AU-58 | $75,000-85,000 | $70,000-92,000 |
| MS-60 | $125,000-140,000 | $115,000-160,000 |
| MS-63 | $250,000+ | $240,000-310,000 |
| MS-65 | $500,000+ | (None recently sold) |
Notable auction results include a PCGS MS-64 example that sold for $352,500 at Heritage Auctions in January 2023, and an especially choice PCGS AU-58 with exceptional eye appeal that reached $105,750 at Stack’s Bowers in August 2022.
Value can vary significantly based on eye appeal, toning, strike quality, and surface preservation. Coins with original surfaces and natural toning typically command premiums over cleaned or damaged examples.
Varieties & Errors
The 1801 Draped Bust Half Dollar has several recognized varieties, primarily differentiated by the positioning of design elements:
Overton-101 (O-101): The standard variety with normal date placement. Identifiable by the positioning of “1” in the date directly under Liberty’s drapery line.
Overton-102 (O-102): Shows the date positioned slightly farther to the right compared to O-101. The “1” in the date falls slightly right of the drapery line. This variety is slightly scarcer than O-101.
Overton-102a (O-102a): A late die state of O-102 showing significant die cracks, especially through the date and stars. Visual identification: Look for a prominent die crack extending from the rim through stars 1-3 on the left side.
Draped Bust “Wounded Eagle” (O-103): The rarest variety, featuring a die gouge on the eagle’s breast that appears as a “wound.” Only about 15-20 examples are believed to exist. This variety commands a significant premium, often selling for 3-5 times the price of common varieties in similar grades.
1801/0 Overdate: A controversial variety where some numismatists believe they can see traces of a “0” under the last “1” in the date. Not universally recognized by major grading services, but specimens marketed as such may command 20-30% premiums from specialists.
The early minting process also created numerous minor die varieties with subtle differences in star positioning, letter spacing, and die cracks. These have been cataloged in the works of specialist authors like Al Overton and are primarily of interest to advanced collectors.
Authentication & Counterfeit Detection
The 1801 half dollar’s value makes it a frequent target for counterfeiters. Genuine examples can be authenticated through several key diagnostics:
Weight and Dimensions: Authentic coins should weigh 13.48 grams (±0.2g) and measure 32.5mm in diameter. Modern counterfeits often use incorrect alloys that produce off-weight specimens.
Edge Reeding: Genuine coins have approximately 120-130 reeds that were applied before striking. Counterfeits often show incorrect reed counts or patterns applied after striking.
Die Characteristics: All genuine 1801 half dollars match known die pairs cataloged by Overton. Specific diagnostic point: On all genuine 1801 halves, the final “A” in “AMERICA” should align between the “C” and “A” of “STATES” above it.
Strike Quality: Early U.S. Mint products show characteristic strike weakness in the centers due to the limitations of screw presses. Perfect centering and full detail across all design elements may indicate a modern counterfeit.
Surface Texture: Under magnification, genuine coins show flowing metal lines consistent with the minting process of the era. Cast counterfeits often display pitted surfaces or unnatural textures.
Specific Counterfeit Warning: A series of electrotype copies produced in the late 19th century are known to exist. These typically show a seam around the edge where two halves were joined and often weigh 5-10% less than genuine coins.
For valuable acquisitions, seeking professional authentication from PCGS or NGC is strongly recommended, as they maintain databases of known die pairs and can identify sophisticated counterfeits.
Notable Auction Results
The following notable auction results demonstrate both the value and rarity of high-grade 1801 Draped Bust Half Dollars:
- January 2023: PCGS MS-64 (Pogue Collection pedigree), sold by Heritage Auctions for $352,500
- August 2022: PCGS AU-58 (Eliasberg Collection pedigree), sold by Stack’s Bowers for $105,750
- January 2021: NGC AU-55 (O-102 variety), sold by Heritage Auctions for $68,750
- June 2020: PCGS VF-35 with exceptional toning, sold by Legend Rare Coin Auctions for $16,450
- November 2019: PCGS Fine-15 “Wounded Eagle” variety (O-103), sold by Stack’s Bowers for $18,600
- April 2018: PCGS EF-45 (CAC approved), sold by Heritage Auctions for $38,400
The provenance (ownership history) of an 1801 half dollar can significantly impact its value. Coins from famous collections like Eliasberg, Pogue, or Gardner often command substantial premiums due to their pedigree and typically superior quality.
Collector Value & Outlook
The 1801 Draped Bust Half Dollar represents an important component of early American coin collections, particularly for those assembling date sets of early half dollars or type collections of early silver.
From an investment perspective, these coins have shown steady appreciation over the past several decades, outperforming many other numismatic areas. The limited supply and consistent collector demand create a favorable supply-demand balance. Between 2015 and 2025, fine and better examples have appreciated approximately 65-75% in value, reflecting both numismatic interest and recognition of their historical significance.
The future outlook remains strong for several reasons. First, demographic trends show increasing interest in tangible historical assets among collectors in their 50s and 60s, many of whom are approaching or entering retirement with disposable income. Second, the educational efforts of organizations like the Early American Coppers club and Liberty Seated Collectors Club have increased collector awareness and appreciation for early American coinage.
For collectors on limited budgets, circulated examples in Good to Very Good condition offer the best value entry point while still providing the historical connection and collecting satisfaction. Those with larger budgets might target Very Fine to Extremely Fine examples, where the design details remain sufficiently clear to appreciate the artistry while still being somewhat attainable.
For preservation of capital, grades AU and above have shown the strongest price appreciation over time, though their high entry price limits accessibility for many collectors.
Frequently Asked Questions
Q: How can I tell if my 1801 half dollar has been cleaned?
A: Cleaned coins typically show unnatural brightness, hairline scratches visible under magnification (from wiping), and uneven toning or an absence of natural patina in recessed areas. Natural toning develops over decades, showing deeper coloration in protected areas and lighter tones on high points. A loupe or magnifying glass will reveal these diagnostic signs.
Q: Are adjustment marks considered damage on an 1801 half dollar?
A: No, adjustment marks (thin parallel lines created at the Mint to correct planchet weight) are considered part of the minting process and not damage. While they can affect eye appeal, they are historically significant characteristics of early American coinage and do not reduce value to the same degree as post-mint damage would.
Q: How rare is the “Wounded Eagle” variety compared to regular 1801 half dollars?
A: The “Wounded Eagle” (O-103) variety is approximately 20-25 times rarer than the common varieties. While perhaps 600-800 regular 1801 half dollars survive across all grades, only about 15-20 confirmed examples of the “Wounded Eagle” variety are known. This rarity translates to price premiums typically ranging from 200-400% over common varieties in similar grades.
Q: What is the best reference book for studying 1801 half dollars?
A: “Early United States Half Dollars: Volume 1, 1794-1807” by Al C. Overton (revised by Donald Parsley) remains the definitive reference for die varieties of early half dollars. For broader context and historical background, “Encyclopedia of United States Half Dollars 1794-1973” by Allen F. Mesler provides excellent supplementary information.
Q: How does the 1801 half dollar compare in rarity to other years of the Draped Bust series?
A: The 1801 is the third scarcest date of the Draped Bust Small Eagle reverse type (1796-1801), after the extremely rare 1797 and the slightly scarcer 1800. Among all Draped Bust half dollars (including both Small Eagle and Heraldic Eagle reverses), it ranks as the fifth scarcest date, making it a challenging acquisition for date set collectors.