Capped Bust Half Dollar (1807–1839) Series Guide: What's It Worth?

Specifications

Denomination: Half dollar
Series: Capped Bust half dollar
Designer: John Reich; reeded-edge format reworked by Christian Gobrecht
Weight: 13.48 g
Diameter: 32.5 mm

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The Capped Bust half dollar was the workhorse of early American silver: minted 1807–1839, it carried John Reich’s Liberty through the War of 1812 and the steam-press revolution (CoinWeek).

History

The design was created by John Reich, the Mint’s assistant engraver, whose capped Liberty with a starred obverse defined the series from its 1807 debut (CoinWeek).
Half dollars were the circulating silver workhorse of the era: with silver-dollar production suspended, the half dollar was the largest silver coin most Americans would ever handle (CoinWeek).
An 1816 fire at the Philadelphia Mint suspended silver coinage, which is why no 1816-dated half dollars exist and the 1815/2 overdate became the key of the early years (Numismatic News).
Late in 1836 the Mint introduced the reeded edge with steam presses and the close collar, replacing the old lettered edge and shrinking the coin; Christian Gobrecht reworked Reich’s Liberty for the new, smaller format (PCGS; GreatCollections).
The 1839-O was the first circulation-strike half dollar struck with a mintmark, a landmark for branch-mint collecting (PCGS).

What is it worth

Common dates in lower grades start around $100; an 1814 in XF-40 was valued around $480 in Numismatic News’s 2012-era research (Numismatic News).
The 1815/2 overdate had a mintage of 47,150 and was valued around $3,650 in VF-20, $14,500 in MS-60, and $85,000 in MS-65 when reported in 2012 (Numismatic News).
The 1817/4 is an extreme rarity with 11 known; PCGS’s price guide lists it at $335,000 in circulated grades and $400,000 in XF (PCGS).
The 1817/3 is listed by PCGS at $1,000 in F12, a bargain among the early overdates (PCGS).
Check current PCGS guide values by date and Overton variety before buying — die-variety premiums are the lifeblood of this series.

Key dates in the series

1815/2: the key of the first decade, mintage 47,150, and the only 1815-dated coin in the series (Numismatic News; CoinWeek).
1817/3: a popular early overdate listed at $1,000 in F12 on the PCGS price guide (PCGS).
1817/4: the series’ greatest rarity, with 11 known (PCGS).
1836 reeded edge: the first year of the new format, with a mintage of just 1,200 (PCGS).
1839-O: the first half dollar struck for circulation with a mintmark (PCGS).

What drives the premium

Collectors attribute lettered-edge halves by Overton number, and researchers have identified more than 789 different dies — the series offers one of the widest variety fields in American coinage (CoinWeek).
Edge type: lettered-edge pieces (1807–1836) are the classic large format; the reeded-edge 1836–1839 issues are a separate, much smaller type (PCGS; CoinWeek).
Grade: most certified examples fall between Extremely Fine and near-Mint State; CoinWeek notes prices stay moderate through Choice AU, then rise steeply at the Gem level and above (CoinWeek).
Originality matters — these were heavy circulation coins, and problem-free VF and XF examples with honest wear bring strong bids.
Branch-mint scarcity at the tail end: the 1838-O and 1839-O are the first New Orleans halves and always in demand (PCGS).

Specifications

Years struck: 1807–1839 (lettered edge 1807–1836; reeded edge 1836–1839) (PCGS)
Designer: John Reich; reeded-edge format reworked by Christian Gobrecht (CoinWeek; GreatCollections)
Diameter: 32.50 mm (lettered edge); about 30 mm (reeded edge) (PCGS)
Weight: 13.48 g (CoinWeek; PCGS lists 13.50 g) (lettered edge); 13.36 g (reeded edge) (PCGS)
Composition: 89.2% silver (lettered edge) (PCGS); 90% silver (reeded edge, per the Act of January 18, 1837) (GreatCollections)
Edge: lettered FIFTY CENTS OR HALF A DOLLAR (1807–1836); reeded (late 1836–1839) (PCGS)
Mints: Philadelphia (no mintmark); New Orleans (O, 1838–1839) (PCGS)

Collector notes

This is the series that built early American numismatics: researchers have identified more than 789 dies, and specialists collect by Overton number (CoinWeek).
The 1815/2 survived in quantity partly because a hoard (the so-called Harmony Hoard) reached the market in the 1990s and kept prices in check — but top grades remain genuinely scarce (Numismatic News).
Lettered-edge halves were struck in an open collar, so diameters vary slightly; that is normal and not damage (CoinWeek).
A type set needs just two coins — one lettered-edge and one reeded-edge — making this one of the most approachable major early series (PCGS).
Proofs exist for 1820–1836, with fewer than 15 struck in most years; none are confirmed before 1820 (CoinWeek).