Low mintage, victim of time, and low survival rate has made this next entry a key date in its series and a rarity in United States coinage. Our blog series continues to follow along with Whitman Publishing’s 100 Greatest United States Coins as author Jeff Garrett helps us to understand more about each ranking. Sitting towards the bottom, let us learn more about this important coin in the half dime series.
#77 – 1802 Draped Bust Half Dime
In 1802, there were only 3,060 half dimes struck. Starting with an extremely low mintage, the coin experienced what most did during the early days: wear and tear. Silver melts destroyed many of them, and those that did survive and were found were in poor condition. Over sixty years after they were first issued, only three had been found. However, the more their rarity was highlighted over the years, the more that were found. Another 20 years later, 16 examples of the 1802 half dime were known to exist. Since then, the total population known to exist is between 40 and 50. According to Garrett, no Mint State 1802 half dimes have been found as most of them are in poor condition from being bent and worn.
This half dime is a good example of why exact populations are hard to nail down, as explained by Garrett. Grades become useless due to constant changes and the standards used to do such things. Grades given in the 1800s will not be the same 100 or 200 years later. Tracking coins by certification is also risky as coins are often broken out and re-certified for different grades. Coin researchers are at a major disadvantage with Mint records from the past. They now must utilize modern day technology for their information and more accurate auction catalogs.
In Extremely Fine condition, the 1802 Draped Bust Half Dime was valued at $2,000 in 1960. By this fourth edition (2015), it rose to $175,000. Today it is valued at around $200,000.
