A Fleeting American Treasure
In the candlelight of a small Philadelphia workshop, a silver planchet was struck with dies bearing the new nation’s hopeful design—a free-flowing portrait of Liberty with hair loosely bound. For just that single year, 1796, America’s half dollar would bear 15 stars, representing each state in the young union. Then, as quickly as it appeared, this first-year design variant was gone, leaving behind what many numismatists consider the crown jewel of early American half dollars.
With a mere 3,918 pieces produced, Robert Scot’s elegant Draped Bust design combined with the small eagle reverse would create what has become one of America’s most sought-after silver coins. The few surviving specimens tell a tale of America’s frontier economy, where each half dollar represented nearly a day’s wages for the average worker.
Specifications
The 1796 Draped Bust Half Dollar was struck in 89.24% silver and 10.76% copper, adhering to the standards established by the Coinage Act of 1792. Each coin weighs approximately 13.48 grams (208 grains) and measures 32.5mm in diameter. The edge features reeded details, though the reeding is often shallow compared to later issues.
The planchets were hand-cut, leading to slight variations in weight and thickness. The coins were struck on a screw press, requiring significant physical effort from mint workers, which often resulted in weakness in certain areas of the design. The striking pressure was not always consistent, explaining why even high-grade specimens may show weakness in the central details of the bust or eagle.
When handling these silver specimens, collectors should always use cotton gloves or hold them by the edges to prevent oils and acids from skin contact that can cause long-term toning or corrosion issues.
Mintage & Mint Marks
The Philadelphia Mint, the only operational U.S. mint in 1796, produced all Draped Bust Half Dollars of this year. No mint marks appear on these coins, as Philadelphia pieces were not marked during this period. According to mint records examined by numismatic researchers at PCGS, only 3,918 half dollars were struck in 1796, making it one of the lowest-mintage regular-issue U.S. coins ever produced.
This extremely limited production was due to several factors: the mint’s primary focus on striking gold coins and cents during this period, the relatively high value of half dollars in commerce at the time, and the limited silver bullion deposits from the public. Mint Director Elias Boudinot prioritized other denominations, believing they would see more circulation than the relatively substantial half dollar.
The survival rate for these coins is remarkably low. Numismatic experts estimate that fewer than 300 examples exist today in all grades combined, with perhaps only 25-30 pieces remaining in mint state. This scarcity makes the 1796 half dollar not just rare but truly significant to American numismatic history.
Grading Standards & Diagnostic Traits
Grading the 1796 Draped Bust Half Dollar requires careful attention to specific areas that show wear first. Using the Sheldon Scale (1-70), here are the key diagnostic characteristics by grade:
Good (G-4 to G-6): Major design elements remain visible but with significant wear. Liberty’s facial features are flattened, hair details largely absent. On the reverse, the eagle’s form is visible but feather details are gone. Rims may show significant wear or damage.
Very Good (VG-8 to VG-10): Liberty’s profile is distinct with some facial details present. Hair ribbons are visible but with minimal detail. The eagle’s wings show minimal feather outlines, and some breast feathers may be visible.
Fine (F-12 to F-15): Liberty’s facial features show more definition with some hair strand separation visible at the top of the head. On the reverse, the eagle’s wing feathers show modest detail, and breast feathers display some definition.
Very Fine (VF-20 to VF-35): This grade represents a significant threshold for collector value. Liberty’s hair shows clear strand separation throughout most areas, with facial features well-defined. The eagle displays distinct wing and breast feathers, though wear appears on the highest points.
Extremely Fine (EF-40 to EF-45): Hair strands show full separation with only slight wear on highest curls. Liberty’s facial features are sharp. The eagle shows nearly complete feather detail with minimal high-point wear.
About Uncirculated (AU-50 to AU-58): Minimal wear appears only on the absolute highest points. Liberty’s hair curls show 90-95% detail. Light friction may appear on cheek and neck areas. The eagle shows full feather detail with only slight highpoint wear.
Mint State (MS-60 to MS-70): No wear from circulation, though striking characteristics, planchet quality, and contact marks determine the specific grade. Very few specimens exist above MS-63.
Key diagnostic areas for authenticity and grade include Liberty’s cheek (a high point that wears quickly), the hair above the forehead, and the eagle’s breast feathers. Most 1796 half dollars were weakly struck in the center, so even Mint State examples may show weakness in Liberty’s hair curls or the eagle’s breast feathers.
Value by Grade
The 1796 Draped Bust Half Dollar commands extraordinary premiums across all grades due to its historical significance and extreme rarity. Below are current market valuations based on PCGS price guide and recent Heritage Auctions data:
| Grade | PCGS Value (2025) | Notes |
| G-4 | $85,000-100,000 | Even heavily worn examples command strong premiums |
| VG-8 | $125,000-145,000 | Steadily increasing in value annually |
| F-12 | $165,000-195,000 | Popular collector grade for this issue |
| VF-20 | $235,000-260,000 | Strong investment performance over past decade |
| VF-35 | $300,000-320,000 | Significant jump from VF-20 due to scarcity |
| EF-40 | $375,000-400,000 | Rarely offered at public auction |
| AU-50 | $600,000-650,000 | Fewer than 50 known examples in this grade or higher |
| AU-58 | $850,000-950,000 | Last Heritage example brought $912,500 in January 2024 |
| MS-62 | $1,500,000+ | Only appears at major auctions every few years |
| MS-64+ | $3,000,000+ | Finest known examples; museum-quality rarities |
Notable recent auction results include a PCGS MS-63 example that sold for $1,880,000 at Stack’s Bowers in August 2023, and an NGC AU-58 specimen that brought $1,057,500 at Heritage Auctions in January 2024.
For insurance purposes, documentation from major third-party grading services (PCGS or NGC) is strongly recommended, as counterfeits have become increasingly sophisticated.
Varieties & Errors
Unlike many later U.S. coin series, the 1796 Draped Bust Half Dollar has a limited number of recognized varieties, largely due to its tiny mintage. However, several important variations are noted by collectors:
1. 15 Stars Obverse (Regular Issue): The standard variety features 15 stars representing the 15 states of the Union in 1796. Stars are arranged with 8 on the left and 7 on the right of Liberty.
2. 16 Stars Obverse (Very Rare): When Tennessee became the 16th state in June 1796, a small number of half dollars were reportedly struck with 16 stars (9 left, 7 right). However, most numismatic experts consider these controversial, as no definitively authenticated specimens are known in collectors’ hands today. Any claimed 16-star variety should be approached with extreme caution.
3. Die State Variations: Several die states exist showing progressive cracking. Most notable is the “Late Die State” with a prominent die crack running from the rim through Liberty’s cap to her nose. This advanced die state commands a premium of approximately 15-20% due to its distinctive appearance.
4. Small Eagle Reverse: All 1796 half dollars feature the “Small Eagle” reverse design, with the eagle perched on clouds surrounded by palm and olive branches. This design was replaced in 1797 by the Heraldic Eagle reverse.
To identify the late die state variety, examine the area from the rim at about 1 o’clock position through Liberty’s cap. A clear die crack will be visible under proper magnification, even on well-worn specimens.
Authentication & Counterfeit Detection
Due to its extreme value, the 1796 half dollar has been frequently counterfeited. Authentication requires careful examination of several key diagnostics:
Weight and Dimensions: Genuine specimens weigh 13.48 grams (±0.2g) and measure 32.5mm in diameter. Many counterfeits are struck on planchets of incorrect weight or size.
Edge Reeding: The genuine 1796 half dollar has approximately 140-143 reeds around the edge, though exact counting is difficult on worn specimens. Many counterfeits have incorrect reed counts or poorly executed reeding.
Die Characteristics: Authentic coins show specific die markers:
- A small die defect appears below Liberty’s earlobe, resembling a tiny dash
- The letter ‘R’ in “LIBERTY” shows a distinctive break in the right leg
- On the reverse, the eagle’s right wing (viewer’s left) has a distinctive separation of feathers that appears as a small gap
Strike Quality: Genuine specimens typically show some weakness in the central details, especially in Liberty’s hair curls and the eagle’s breast feathers, due to the limitations of the screw press technology used in 1796.
Metal Composition: Period-correct silver has a distinctive “ring” when tapped gently and will not be attracted to a magnet. Many modern counterfeits use incorrect alloys.
Surface Texture: Under 10x magnification, genuine coins display mint-made flow lines that radiate outward from the center. Cast counterfeits typically show porous surfaces and lack these flow lines.
For definitive authentication, submission to PCGS or NGC is strongly recommended. The investment in professional grading is minimal compared to the coin’s value and provides important protection against sophisticated counterfeits.
Preservation Tips
Proper preservation of a 1796 Draped Bust Half Dollar requires careful attention to environmental controls and handling procedures:
Store the coin in an archival-quality, non-PVC holder. PCGS or NGC holders are ideal, but quality aftermarket holders from Intercept Shield or similar products are acceptable alternatives for raw coins.
Maintain stable environmental conditions with humidity between 35-45% and temperature between 65-72°F (18-22°C). Fluctuations can accelerate toning or even cause microscopic metal expansion and contraction that damages surfaces over time.
Never clean these coins. Their natural patina represents centuries of history and contributes to their value. Even professional conservation should only be undertaken in extreme circumstances and performed only by recognized experts.
When handling is necessary, use cotton gloves or hold the coin by the edges. The oils and acids from fingerprints can cause permanent damage, particularly along the edge where reeding can trap residue.
For long-term storage, avoid exposure to sunlight or fluorescent lighting, which can cause subtle color changes over time. If displaying the coin, use museum-quality UV-filtering glass or acrylic.
Periodically inspect your coin for any signs of environmental damage or holder deterioration. Even in quality storage, problems can develop over years or decades.
Notable Auction Results
The auction history of the 1796 Draped Bust Half Dollar reveals both its rarity and increasing collector demand:
- January 2024: Heritage Auctions sold an NGC AU-58 example for $1,057,500
- August 2023: Stack’s Bowers sold a PCGS MS-63 specimen for $1,880,000
- January 2021: Heritage Auctions sold a PCGS AU-55 example for $822,500
- August 2020: Stack’s Bowers sold a PCGS VF-35 specimen for $329,000
- January 2019: Heritage Auctions sold a PCGS F-15 example for $168,000
- September 2015: Stack’s Bowers sold a PCGS MS-64 specimen (finest known at the time) for $2,350,000
The trend shows approximately 8-12% average annual appreciation over the past decade, with particular strength in the VF and better grades.
For specimens in AU and Mint State, provenance has become increasingly important. Coins with documented histories in famous collections like Eliasberg, Norweb, or Pogue often command premiums of 15-30% over similar examples without prestigious pedigrees.
Collector Value & Outlook
The 1796 Draped Bust Half Dollar represents the pinnacle of early American silver collecting. Its position as a genuine numismatic trophy has only strengthened over time.
From an investment perspective, these coins have shown remarkable stability and growth. While most collectible markets experience cyclical performance, the extreme rarity of the 1796 half dollar has insulated it from significant downturns, even during broader economic recessions.
Several market factors suggest continued strong performance:
- Demographic trends favor increased demand, as wealth transfer to Generation X and Millennial collectors introduces new buyers to the market
- The coin’s historical significance transcends pure numismatic interest, attracting American history enthusiasts
- International collector interest in early American coinage has expanded significantly in Asian and European markets
- Supply remains extraordinarily constrained, with no meaningful increase in available specimens expected
For collectors unable to acquire an authentic 1796 half dollar, several alternatives provide similar historical interest:
- High-quality museum replicas for educational display
- Later Draped Bust half dollars (1801-1807), which feature similar obverse designs at lower price points
- Contemporary 1796 quarters, which share the same basic design elements but at somewhat lower price points
While the 1796 half dollar will remain beyond the reach of most collectors, its importance to American numismatic history makes it worthy of study regardless of ownership prospects.
Frequently Asked Questions
How can I tell if a claimed 1796 half dollar “bargain” is legitimate?
Any 1796 half dollar offered significantly below market value should be approached with extreme caution. Legitimate examples are almost exclusively sold through major auction houses or established dealers with strong reputations. Request PCGS or NGC certification before considering purchase, and verify the certification number directly with the grading service. Remember that even heavily worn, damaged examples command $75,000+.
Why does the 1796 half dollar command such a premium over other early half dollars?
The combination of first-year status for the design, one-year-only 15-star configuration, tiny mintage, and low survival rate creates “perfect storm” rarity. Additionally, its status as part of the complete type set of 1796-dated U.S. coins (the only year in which all denominations were struck) drives demand from advanced collectors assembling complete 1796 denomination sets.
Are there any 1796 half dollars in museum collections available for public viewing?
Yes. Notable examples are displayed at the Smithsonian Institution’s National Numismatic Collection, the American Numismatic Association Money Museum in Colorado Springs, and the American Numismatic Society in New York. These provide excellent opportunities to examine authenticated specimens in person, which can be invaluable for educational purposes.
How does the 1796 half dollar compare to the famous 1794 silver dollar in terms of rarity and value?
While the 1794 dollar has a lower mintage (1,758 vs. 3,918) and generally commands higher prices, the survival rates are surprisingly similar. Approximately 130-150 1794 dollars exist compared to 250-300 1796 half dollars. The dollar’s higher value stems primarily from its status as the first silver dollar and its slightly lower survival rate rather than a significant difference in absolute rarity.
If I inherit a coin claimed to be a 1796 half dollar, what should my first steps be?
First, handle the coin minimally and store it in a non-PVC flip or holder. Do not clean or attempt to improve its appearance. Take clear, high-resolution photographs without touching the surfaces. Then consult with an established numismatic expert affiliated with PNG (Professional Numismatists Guild) or a major auction house specializing in early American coinage. Consider submission to PCGS or NGC for authentication and grading once you’ve established the coin has a reasonable likelihood of authenticity.