1802 Draped Bust Half Dime

The 1802 half dime is one of the rarest regular-issue United States coins. The Mint reported a mintage of 3,060 coins, though the actual production may have been even lower based on surviving examples. Fewer than 40 examples are known to exist across all grades, making the 1802 half dime rarer than almost any other denomination of its era. Most surviving pieces are in low circulated condition, reflecting the fact that the coins that entered commerce were used hard before the date was recognized as a rarity.

Why the mintage was so small is not fully documented. The Philadelphia Mint was producing half dimes in small batches throughout this period, and the 1802 production run simply appears to have been cut short. Silver bullion supply, competing demands from larger denominations, and the general inefficiency of early Mint operations all contributed. Whatever the cause, the result is a coin that has been recognized as a major rarity since the mid-nineteenth century, when early collectors began systematically cataloging American coinage.

Pricing reflects the extreme rarity. Even in the lowest grades (About Good, Good), the 1802 half dime trades in the mid-five-figure range. Very Good to Fine pushes into six figures. Very Fine examples are exceptionally rare and command prices that reflect their status as condition-census coins. An Extremely Fine 1802 half dime is almost unknown, and Uncirculated examples with original surfaces are essentially impossible to find outside of museum collections and a handful of advanced private cabinets. The finest known is a PCGS MS65 that has changed hands in private transactions valued in the high seven figures.

Counterfeits and altered-date coins are a concern. The 1802's high value incentivizes fraud, and altered dates (most commonly from 1800 or 1801) are documented in the literature. Any 1802 half dime purchased at key-date pricing should carry certification from a major grading service. The cost of authentication is trivial compared to the coin's value, and buying uncertified at this price level is not a risk any serious collector takes.