1795 S/D 50C (1795 Half Dollar) 1795 S over D 50C NGC AU55, Two Leaves, O-129, R.5. This early 1795 Half Dollar clearly shows the second S punched over a D in STATES. Evidently the engraver thought he was inscribing UNITED. The result was a coin with STATES over STATED. The coins deeply toned surfaces show shades of golden-brown and ocean-blue. The obverse has moderate adjustment marks that were made at the Mint prior to striking. If a planchet was above the specified weight, it was adjusted by removing excess metal with a file. There were strict standards that had to be maintained. The resulting adjustment marks add interest and are not counted as impairments when grading the coin. The strands of hair above Libertys forehead show sufficient separation, in keeping with the grade. Similarly, her facial features are very clear, and her hair is well defined. Some of the early Mint employees were Adjusters. Among them were the first women that the Mint employed. The Weighers would check the weight of each blank. Lightweight ones were sent back for melting. Those that were within legal limits went to the Chief Coiner. The Adjusters got the heavier ones, which they filed to reduce their weights to legal limits. From time to time, the leather aprons of the Adjusters were cleaned and the filings were used to make new coins.

This specimen is identified as the O-129 variety. On the obverse, the point of star 1 pierces through the lower curl, which forms an open hook with a blunt end. On the reverse, the second S is recut over a D. An oblong lump is found between D and S and the dentils and leaves.

First authorized in 1792, the half dollar was not minted until 1794. Chief Coiner Henry Voigt and Assayer Albion Cox could not raise the $10,000 bond required to take office. For this reason, only copper coins were made in 1793. To ameliorate this situation, Thomas Jefferson wrote to President Washington asking him to request that Congress lower the bond requirement. He ultimately prevailed, and Robert Scot, the new Engraver made the dies for the half dollar.

The Flowing Hair half dollar was issued from 1794 to 1795. It showed Liberty facing right surrounded with 8 six-pointed stars on the left of LIBERTY and 7 on the right with the date blow. The Small Eagle reverse showed a thin eagle looking right with outstretched wings. It is perched on a cloud and surrounded by a wreath tied in a bow at the bottom. UNITED STATES OF AMERICA surrounds the design with dentils on both sides. The denomination is on the edge of the coin as FIFTY CENTS OR A HALF DOLLAR. The denomination not being on the coin itself was not unusual. The early Mint imitated the Europeans who did not place denominations on coins because they were made of precious metals and were valued as commodities by their weight and fineness.

Robert Scot designed the half dollar. Because of failing eye sight and advanced age his ability to make dies was limited. His work was somewhat less than that done in Europe at the time, and Scot was criticized for its poor quality. He was responsible for designs of most of Americas first coins. These include the Flowing Hair and the Draped Bust motifs used on early sliver coins, and the gold quarter eagle, half eagle and eagle. Scot also designed the 1794-1797 half cent, the 1800-1808 draped bust half cent, and the Thomas Jefferson Indian Peace Medal. Scot died on November 1, 1823 and was succeeded by William Kneass as Chief Engraver.

The 1795 half dollar had an original mintage of 299,680. In its population report, NGC has certified 924 half dollars for this year in all varieties and grades. However, the total number certified of the rare O-129 variety is 4. The present coin has the highest grade assigned at AU55. The next highest graded coin is at the VF level. PCGS does not have separate date for the O-129 variety. In all grades only 26 Two Leaves coins of 1795 have been certified, none higher than XF45. Clearly this coin is one of the great rarities of the early half dollars. The value will surely increase as more collectors become interested in collecting them by variety.