What a hunt it's been for this half dollar. I've been searching for a nice, affordable 1801 half for around a year. When I finally found this coin for sale, I immediately jumped on it.
What most collectors don't realize about 1801 and 1802 half dollars is that the price guides are way off for these two dates, and they are exceptionally rare. Several noted dealers and numismatists who specialize in early material told me that estimates of surviving early halves are anywhere from 1-10%. For this particular date, I was told that no more than 3% of the original mintage has survived. The
RedBook tells us that the 1801 half dollar had a mintage of 30,289. The equally rare 1802 has an even lower mintage of 29,890. Three percent of that figure is only around 900.
900 estimated survivors seems to be pretty accurate, since the latest PCGS population report states that there are 176 1801 half dollars graded by PCGS, and 128 1802 half dollars. I have no idea about the NGC population, but would guess that it is roughly the same. After considering resubmitions, I think it's safe to say that around 300 1801 half dollars exist in PCGS and NGC plastic. So 900 survivors seems to be right, or even a little on the high side.
The price guides for these coins are so low that it's laughable. Here's a list of the "list" price of an 1801 half dollar in G4.
2007
RedBook: $300
August, 2007 PCGS Pop Report: $650
Numismedia: $690.
Well, I paid $800 for my AG/G coin, and personally think that it was a steal. Finding another coin like this for $800 will be a close to impossible task.
I personally think that 1801 and 1802 halves are still undervalued, especially when compared to other coins. The 1795 half dollar, with a mintage nearly 10 times greater than that of the 1801 half, is priced roughly the same as an 1801 half in the same grade.
And don't even get me started on key dates from other series. With the money it cost me to buy this coin, I could have purchased the following "key dates":
1909-s vdb
Lincoln Cent in F12. Mintage of 484,000.
1916-d
Mercury dime in G4. Mintage of 264,000.
1932-d
Washington quarter in AU55. Mintage of 436,800.
1921-d
Walking Liberty half in VF. Mintage of 208,000.
There are a few others, but that should give you a general idea.
What is really amazing is how available the above mentioned coins are, but how difficult it is to track down a nice 1801 or 1802. Search
ebay right now, and I guarantee you'll find multiple examples of any key date. However, try to find an 1801 or 1802 half that won't cost thousands, and you won't be as successful.
Anyways, there's my take on the current Draped Bust Half Dollar market. 1803 and 1805 half dollars are also great values, IMHO. So if you see a nice one and can afford it, pounce on it!
Now all I need is the 1801 O-102, and an 1802. The hunt continues!
Posted 08/08/2007 5:11 pm
