The records kept (or NOT kept) of this next coin in our blog series is what makes it interesting. Following along with Whitman Publishing’s 100 Greatest United States Coins Series, we have a top 30 pick that author Jeff Garrett deems as a “classic U.S. numismatic rarity” in this fourth edition. Despite their proof of existence, there is still a slight mystery surrounding them.
#27 – 1838-O Capped Bust Half Dollar
Despite there being 20 examples of the 1838-O half dollar, it was never recorded in the annual report of the Director of the Mint. There is not a confirmed reason, but the situation surrounding the mintage of the coins seems to give us a possible explanation, according to Garrett.
Before 1838, three new branch mints were opened to keep up with demand as they discovered gold in Georgia and North Carolina. Dahlongea and Charlotte were opened in addition to New Orleans. Each minted started producing coins in 1838. However, Dahlongea and Charlotte were focused on gold coins while New Orleans produced silver and gold coins. This is where a possible answer for the unrecorded coins comes from.
Many of the known 1838-O half dollars have a special finish, causing experts to assume that they were Proof coins. It would make sense that the Director of the Mint at the time would not have listed them in his report as Proof coins were separate from circulation and not included in the totals of the coins.
In addition to its odd recording issue, the 1838-O half dollar was the first produced at a branch mint other than Philadelphia and one of the first to bear a mint mark. It was featured on the front of the coin, which is also important to note as mintmarks did not appear on the obverse for very long. By 1840, the reverses of coins would feature them until 1916.
In 1960, the historic market value for the 1838-O in Choice Proof condition was $5,000. By this fourth edition (2015), it rose to $750,000.
