Half Eagles
1803/2 $5 NGC MS62
Written/Compiled by Dennis
Hengeveld
Like many of the early American gold issues (say,
the first 40 years of production), the 1803 dated half eagle
is a very enigmatic coin. First of all, there are a total of
four different die varieties, made from combining two
different obverse die with three reverse dies, of which one
had already been used to strike 1803 dated half eagles. Both
obverse dies that were used for coinage were made from
unused 1803 obverses, and the 1803/2 overdate on both dies
is bold. All four varieties, as cataloged by
Bass-Dannreuther are similar in rarity, although it appears
that BD-2 is slightly scarcer than the other varieties. This
issue is usually believed to be the more available of the
type. It is offered with some regularity at public auctions,
even in higher grades, but it remains rare in the 63 and
higher uncirculated grades, in particular at the gem level.
In spite of the above, at least two half
eagle obverse dies dated 1801 were made. These remained
unused, and both would be overdated to 1803/1 dies.
These dies are differentiated by either a centered
overdate or a high overdate. A total of eight different
die pairings were used, with the centered overdate
striking five of the varieties while the high overdate
was only used on three. According to research published
by Bass-Dannreuther the centered overdate was used
first, and it failed while producing BD-5, a very rare
variety with perhaps ten pieces known at most. Prior to
that point all reverse dies had failed first, and for
some reason this appears to have been the case with most
early American gold coinage. The reverse die used on
BD-5 would continue to strike half eagles while paired
with the high overdated obverse die. Two more reverse
dies were used for coinage, and an estimated 53,176 half
eagles are said to have been struck from all die
pairings. Most references on the subject have noted that
the number produced might have been higher, but from the
number of pieces known to exist it appears to be
correct.
The two different obverses are usually not
identified by the difference in the overdate (which is very
minor) but by the T in LIBERTY. On the first obverse die,
used on BD-1, BD-2 and BD-3 the right foot of the T is
broken, hence the name “imperfect T”. On the second obverse
die which was overdated the right foot of Liberty is
present. There are a few other minor differences, like the
placement of the date, but these are very minor and can be
hard to differentiate on circulated examples. Particularly
interesting are these overdates. The previous year, 1803 saw
eight different varieties produced from a two different
obverse dies, both overdated 1803/1. This confirms that
obverse dies were made well in advance, when it was not even
affirmative that they were needed for coinage in that year.
The fact that the dies were overdated before being put in
use also shows that the Mint was beginning to care more
about the quality and correctness of their used dies. From
earlier illogical die combinations (like the 1795 large
eagle five dollar pieces or 1798 small eagle five dollar
pieces) the Mint now produced more correct issues, although
coins remained to be struck in other years as the dates
would show.
Most references, including Breen, Bass-Dannreuther and
the Red Book show a total mintage of this issue of
32,506. While this certainly appears to be close to
correct, we can not tell what the exact number would
have been. Dates included in coin deliveries were never
recorded, and as mentioned the date on the coin would
not always indicate in what year that particular coin
was struck. For example, Breen notes of the 1803/2 half
eagle that “many coins delivered in 1804 bore date
1803”. Given the fact that the 1804 half eagle is a
regular issue, it would seem that the 1804 half eagles
were struck late in that year, and perhaps in 1805 as
well. However, die state research has revealed that a
number of 1804 half eagles were struck before the
complete mintage of 1803/2 half eagles had been
delivered. This confusing and illogical (but not for the
early U.S. Mint in Philadelphia) is explained by
Bass-Dannreuther, who try to put this in context and
determine the correct emission sequence for this issue
in their description for BD-2:
“As noted under the previous variety (BD-1), that
variety might also have a remarriage, possibly
struck between states of this variety [BD-2]. Also,
it appears that the next variety (BD-3) may have
been struck between states of BD-4. One of the 1804
combinations (BD-3) also appears to be involved in
this striking group, struck between states of BD-3
or 4 of this year (making one or more of these
varieties likely struck in 1804!).
BD-2 of 1804 may also be involved, increasing the
emission chain. If all this is true, the possible
emission sequence for this group of coins would be:
1803 (BD-2, 3), 1804 (BD-3), 1803 (BD-4), 1804
(BD-1, 2, 1, 2) and finally the late states of BD-3
(1804). One thing is not in doubt-there is no
question why numismatists are confused by the half
eagles of 1803, 1803 and 1804!
We can certainly not disagree with the last comment. While
intensive die studies by minor differences is mostly
interesting for the specialist of early American gold
coinage who collects by variety, this die emission sequence
is important to determine the emission sequence, and
consequently the total mintage. Yet, it would be better to
solely look at the number of pieces known, as they will give
a much better indication as to the true rarity of the 1803/2
half eagle. Bass-Dannreuther suggests that 440 to 600 1803/2
half eagles survive in all grades. The population reports of
PCGS and NGC combined show an even higher number, but
obviously these will include a certain number of
resubmissions, with cleaned and damaged coins not showing in
their population reports. Yet, it is obvious that this is an
available coin, and would serve the spot of the type
perfectly in an advanced type set.
It must be noted that pieces are on the market that at first
glance appear to be 1803 half eagles, but are distinctively
different. They are produced in Brass, and are often found
gilted, with occasional offerings as genuine U.S. Mint
products. They are not, and while interesting are of much
lesser value. They were made in the early 19th century for
use as gaming counters in Birmingham, England as tokens by
the firm of Kettle & Sons. The name KETTLE can be seen to
the right of the date, but on some pieces it has been tooled
off. Because of their similarity to the original issue, and
their inclusion in every major pattern texts has some
researchers believed they were genuine off-metal strikes.
Further research has obviously proved that this is not the
case, but there remains to be some market for these pieces.
Similar pieces of the same date but of the quarter eagle
denomination also exist in various metals.
