THE SCOT-ECKSTEIN DRAPED BUST/SMALL EAGLE (1796-97)

These are among the most mysterious of U.S. coin types, as well as among the most elusive. Two obvs. dated 1796, respectively with 15 and 16 stars, were muled with a single rev., which was carried over to make the first of the two vars. dated 1797— again with 15 stars, not 16: Why? The mystery deepens when we consider delivery dates: 1796. none; 1797, [60] Feb. 28, [874] March 21 (both to the Bank of the United States in Philadelphia), and finally [2,984] May 26. By internal evidence, both 15-star obvs. must have been made before June 1796. as the shift to 16 stars commemorated the admission of Tennessee to the Union on June 1.

Then the 16-star die must have been completed either anticipating or following the celebrations of that time.
My tentative solution—presented only as conjecture, as no other Archives data survive about these mintages—is that early in 1796, a few prooflike presentation coins were struck, but as usual not recorded as regular coinage. A second 15-star obv. was made but (as in many other instances) omitting final digit, for possible use later that year or in 1797 or some subsequent year. Then, for the Tennessee celebrations, the 16-star die was made and used only for a few prooflike presentation sinkings. No more half dollars were coined from either die until Feb. 1797.

Those coined in February were 1796's with 15 stars; those in March included some with 15 and others with 16 stars, both obvs ..cracking. Their shared rev. began to crack with the 16-star obv. At this point the incomplete 15-star die was given a final 7 and hardened for use, and a second rev. made ready. The mintage of May 26 consisted mostly of coins dated 1797 from both revs., but may have included the last of the 1796's with 16 stars.

Many high-grade survivors show vaguely prooflike surfaces, from a tiny group once owned by Col. E. H. R. Green (peg-legged collector of railroad cars, coins, pornographic films, etc.; son of Hetty Green, the "Witch of Wall Street"). Real presenta¬tion strikings, from the very earliest states of both 1796 obvs., are much rarer: Breen {1977}, p. 35.

The portrait of Ms. Liberty is after a drawing by Gilbert Stuart, modeled by Mrs. William Bingham (nee Ann Willing), Philadelphia socialite reputed to be one of the most beautiful women of her day—not that either this or the Gilbert Stuart connection could be proved by Scot's device punch. John Eck-stein is credited with the eagle; the palm branches were origi¬nally a compliment to Mint Director DeSaussure's South Caro¬lina homeland, but by the time these half dollars were made, the device was an anachronism, as DeSaussure had long since resigned.

THE SCOT-ECKSTEIN DRAPED BUST/ SMALL EAGLE

Designers, Robert Scot and John Eckstein, obv. after Gilbert Stuart. Mint, Physical Specifications, Authorizing Act, as be¬fore.
Grade range, POOR to UNC. GOOD: Date and all letters legible; devices outlined. VERY GOOD: Few hair and wing-feather details; deepest drapery fold shows. FINH: All drapery folds visible; partial hair, leaf, and feather details. VERY FINE: Only slight wear on r. drapery folds; 1. side (to curls) smooth. Over half hair details; internal details of over half of leaves and of wing feathers. EXTREMELY FINE: All drapery lines complete to junction with curls; few isolated tiny rubbed spots only.

EXCEPTION: Even in mint state, breast feathers and most leg and neck feathers may not be clear, except on presentation strikings.
4565 1796 [all kinds 934 + ?] 15 stars. Very rare. Hilt 2A. Usually in low grades.