1803 Half Eagle - 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 1802 dated half eagles. Both obverse dies that were used for coinage were made from unused 1802 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.

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, 1802 saw eight different varieties produced from a two different obverse dies, both overdated 1802/1. 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 1802, 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.