Draped Bust Half Dollar

The Draped Bust half dollar succeeded the short-lived Flowing Hair design and was struck from 1796 through 1807, though notably no half dollars were minted in 1798-1800. The type is divided into two reverse varieties: the rare small eagle reverse (1796-1797) and the more available heraldic eagle reverse (1801-1807).

Because the small eagle half dollars of 1796-1797 have extremely low original mintages, they rank among the great rarities of U.S. coinage, while the heraldic eagle variety, though still scarce, is more attainable for collectors building an early type set.

Designed by Mint engraver Robert Scot, the Draped Bust obverse portrays Liberty with a more classical, sculptural drapery than the earlier Flowing Hair design. The small eagle reverse, adapted from the design used on the silver dollar, was replaced in 1801 by a heraldic eagle based on the Great Seal of the United States, adding a shield, arrows, and olive branch to the reverse.

Production was sporadic in the type's early years due to a shortage of half dollar coinage relative to dollars and other denominations, and it continued through 1807, when the Capped Bust design by John Reich replaced it.

The obverse shows Liberty's bust facing right, draped in flowing fabric, with stars surrounding and the date below. Two reverse types exist: an early small, spread-winged eagle within a wreath (1796-1797), and a later heraldic eagle with a shield on its breast, holding arrows and an olive branch (1801-1807).

The coin is struck in silver (approximately .8924 fine) with a lettered edge reading "FIFTY CENTS OR HALF A DOLLAR," and no mint marks appear since all were struck at Philadelphia. The 1796-1797 small eagle halves are further divided by the number of obverse stars (15 or 16), a detail tied to the number of states in the Union at the time.

Given their age and value, Draped Bust half dollars, especially the 1796-1797 small eagle variety, are frequently counterfeited or exist as later replicas, so authentication by a reputable grading service is strongly advised.

The 1796-1797 small eagle Draped Bust half dollars are among the most valuable and sought-after coins in the entire American series, with even well-worn examples commanding prices well into six figures due to their minuscule original mintage. The 1801-1807 heraldic eagle type is far more available and, while still a genuine rarity by modern standards, can be found in worn grades for a few thousand dollars, with premiums rising steeply for problem-free or higher-grade pieces.

Across the type, originality, surface preservation, and absence of cleaning or damage weigh heavily on value, since these are handmade coins from an era of imperfect striking technology.