1792 Half Disme To Be Graded

This is my avatar coin, and it is one of my favorites. There are a lot of stories surrounding this coin, and collectors and numismatists have argued over them for years. I have my opinions which you can judge right or wrong.

First the facts. On July 13, 1792 secretary of state, Thomas Jefferson, supervised the striking of 1,500 Half Dismes in the Philadelphia cellar workshop of John Harper who was a local artisan. The coins could not have been made at the first Philadelphia Mint because the property had not yet been purchased, let alone prepared for producing coinage.

Jefferson's presence was required because he was the cabinet level officer who had responsibility for the mint. Since the bonds that were required by the Coinage Act of 1792 had not been paid, he had to supervise the operation. Jefferson took delivery of coins, and he and George Washington probably handed out many of them.

The coinage of a silver piece, not matter how small, was a significant act for the fledging republic. Gold and silver coinage was a symbol of sovereignty, and these small coins provided a statement that The United States had arrived as a nation. George Washington described these coins as "a small beginning" in coinage in his annual message to Congress.

Now for the myths and controversies. Martha Washington did not give up her silverware to provide the silver for these coins. George Washington might well have supplied some or all of the silver, but it was almost certainly in the form of Spanish and other silver coins that he had earned from his plantation. These coins represented the most efficient use for $75 worth of silver. It hard to image how small the Federal Government was back then compared to now.

Second, these coins were not patterns as many numismatists have claimed. The mintage of 1,500 pieces was too high for that, and most of the 300 or so survivors are in circulated condition, WELL circulated condition. These coins were a small attempt to stabilize the American monetary system, which had been flooded with light weight, often counterfeit copper coins, with pieces that made of "good silver."

After some lobbing I got the NGC registry people to include the 1792 Half Disme in the U.S. type set registry, but it is still listed in the early Half Dime set as a "non competitive item" with no registry score. If that confuses you, you are not alone. It confuses me too.

I bought this coin from JJ Teaparty back in the 1990s when I lived and worked in the Boston area. From what I've heard they got it from Stacks'. A few months later they offered me a chance to trade up to a better one, but I just couldn't swing it financially. Since then "the better one" has changed hands in a couple of auctions for over $100 grand. Ah well, you can't regret what you couldn't do. This one is no slouch.