The Elusive 1878-S Seated Half Dollar

[WoodenJefferson]

(not my coin)

 

I did a bit of research on this coin and thought it to be interesting. I have never seen one...have you?

 

The 1878-S is one of the key issue coins in the Seated Liberty Half Dollar series and is a coin rarely seen on the market as most examples are housed in major collections. Of the 12,000 pieces struck, only 60 or so are believed to survive today, amazingly in all grades. "The survival rate for many 19th century issues averages around 1% of the mintage," noted Heritage President Greg Rohan, "but the 60 surviving 1878-S halves translate into only 0.005 % survivorship. Even worse for modern collectors, most of the few halves that were produced in 1878 were simply "worn out" from circulation."

 

Why then only 12,000 minted in 1878 when in 1877 there were 5.3 million Seated halves minted in San Francisco alone? One reason maybe the passage of the Bland-Allison Act in 1878. As a result, coinage of silver dollars took precedence over the smaller denominations, and half dollar mintages dropped sharply, creating two additional rarities, 1878-S and 1878-CC. From 1879 on, only the Philadelphia Mint coined halves. Although the mintages were minuscule, this was obviously noticed by those with "coin savvy," as many uncirculated pieces exist today.

 

Recent appearances:

NGC Good-6. Ex - Bowers & Merena Galleries' "The Cabinet of Lucien M. LaRiviere, Part III", May 21, 2001, Lot 1507, illustrated, sold for $12,650.00

 

Notes: The finest example graded by PCGS is a single MS-66

 

PCGS price guide.

 

G-4 $18,500 F-12 $50,000 XF-40 $50,000 AU-55 $70,000 MS-60 $80,0000 MS-63 $130,000 MS-64 $165,000 MS-65 $225,000 MS-66 $285,000

 

 

Diagnostics: On the reverse, the space between the left edge of the shield and the first vertical stripe shows a raised lump, even on significantly worn examples.

 

edit: coin shown NGC VG-8

[rrantique]

Thanks Woody, sounds like a true rarity. (thumbs u

[relicsncoins]

Believe it or not, I know I guy who found one with his metal detector.

 

JJ

[EZ_E]

Believe it or not, I know I guy who found one with his metal detector.

 

JJ

 

Very cool!

 

Great Post, Woody!!!!

[TomB]

Many folks do not realize that the Bland-Allison Act forced the US government to buy more silver to strike dollars than would have been required to produce the same amount of silver coinage from smaller denominations. As an example, a silver dollar was 26.73g of 0.900 fine silver for a total silver weight of 0.77344 oz per dollar whereas two half dollars were a combined 25.00g of 0.900 fine silver for a total silver weight of 0.72338 oz per dollar. This meant that a silver dollar required the purchase of 6.9% more silver relative to the same face value in halves, quarters or dimes. Therefore, this legislation helped the silver mining states, or at least those with connections to the mines and their political representatives.

[EZ_E]

edit: coin shown NGC VG-8

 

'Tis just another example of the TPGS's favoring rare coins by bumping 'em up a grade or two.

[WoodenJefferson]

edit: coin shown NGC VG-8

 

'Tis just another example of the TPGS's favoring rare coins by bumping 'em up a grade or two.

 

Victor, that's a representation of the San Andreas fault running through the mint mark!

[awb]

"The survival rate for many 19th century issues averages around 1% of the mintage," noted Heritage President Greg Rohan, "but the 60 surviving 1878-S halves translate into only 0.005 % survivorship.

60 out of 12,000 is 0.5%, or half of the average noted. Rohan may know coins, but he needs to brush up on his math! :laugh: