1792 half disme

Description

The coin is 16.5 mm in diameter. The obverse depicts the head of Liberty and the inscription LIB. PAR. OF SCIENCE & INDUSTRY, "Liberty, parent of Science and Industry." The reverse shows UNI. STATES OF AMERICA and HALF DISME along with an eagle and a star.

Origins

When speaking to the House of Representatives in November 1792, President Washington mentioned the "want of small coins in circulation" and stated that he had begun work on establishing a U.S. Mint and that some half dismes had been produced already. At this point, most of the personnel had been hired, but the Mint's buildings and machinery were not yet ready. As a result, the half dismes, which had been struck in or around July 1792, were produced using the private facilities of local craftsman John Harper, although under the auspices of official Mint personnel. In his personal log book, Secretary of State Thomas Jefferson recorded the receipt of 1,500 specimens on July 13.

Because of President Washington's connection with these early coins, numismatic folklore holds that the portrait on the obverse is that of First Lady Martha Washington and that some of the coins were struck using melted-down silverware from the Washington household. However, there is no solid evidence for either of these assertions. To the contrary, evidence uncovered from Thomas Jefferson's memorandum book shows that he provided "75 (Mexican) Silver Dollars" and received the first 1,500 half dismes. He then spent those coins on his trip home to Monticello.

Production, rarity, and value

Although the exact number is not known, it is believed that between 2,000 and 3,500 specimens were produced. Approximately 10% of these survive today; one expert estimated between 250 and 400 half dismes exist, and most appear to have been used in circulation for some time. A 1792 half disme graded AU55 by PCGS was auctioned for $138,000 on July 23, 2004. A 1792 half disme graded MS65 was valued in 2018 on the American reality television series Pawn Stars at $500,000–600,000. A specimen strike from the Starr collection, graded MS67 by PCGS, sold for $1,322,500 on April 26, 2006. The highest numerically graded piece, an NGC MS68, sold for $1,500,000 by private treaty transaction in 2007.

Although nearly all 1792 half dismes were produced in a silver alloy, a unique pattern piece in copper is also known.

References

Bibliography

References

1. (2011). "1792 Half Disme (Deem) First Coin US Coin Image, Facts".
2. "Half Dimes".
3. (April 26, 2006). "1792 Half Disme SP67 PCGS, sold for $1,322,500".
4. "Forged in Philadelphia - Museum of the American Revolution".
5. "1792 Half Disme (Deem) First Coin US Coin Image, Facts".
6. (July 14, 2020). "A More Accurate History of the 1792 Half Disme".
7. (July 23, 2004). "The Oliver Jung Collection". American Numismatic Rarities, LLC.
8. (2018). "Pawn Stars".
9. "Finest Known 1792 Half Disme To Be Displayed".