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DRAPED BUST, SMALL EAGLE REVERSE HALF DOLLAR (1796-1797)
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 strikings.
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 presentation strikings, from the very earliest
states of both 1796 obvs., are much rarer.
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 originally
a compliment to Mint Director DeSaussure's South Carolina homeland,
but by the time these half dollars were made, the device was an anachronism,
as DeSaussure had long since resigned.
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