1838 Capped Bust Half Dollar. Reeded Edge. HALF DOL. GR-11. Rarity-1.

1838 Capped Bust Half Dollar. Reeded Edge. HALF DOL. GR-11. Rarity-1. AU-58 (NGC). GR-11 is another variety for which Graham specifies a "Stage a," giving die state collectors an additional challenge to pursue. Here, the obverse die, previously used for GR-10, has developed a prominent bisecting crack. Graham identifies Stage a by a crack extending from the rim through star 4 to Liberty's lips and face, continuing through her hair and finally reaching the rim just below star 8. Curiously, the area immediately in front of Liberty's lips displays glossiness and moved metal where someone long ago appears to have attempted to efface a portion of this prominent die crack and give the surface a smoother appearance. The irony will not be lost on the collector, as an earlier owner attempted to minimize precisely the feature that makes this advanced state desirable today. Though GR-11 itself is a very common variety, this advanced state is considerably more difficult to locate, and Graham notes that securing one "will be very rewarding." The surfaces are generally bright, with golden-russet and antique-silver patina clinging to the devices. Another curious area, mentioned for accuracy, appears beneath the eagle's neck on the reverse, where additional marks show evidence of having been minimized at some point. Whatever shortcomings the coin may possess as a conventional type example, the devices remain fairly bold, and its real appeal lies in the advanced die cracks and the comparatively elusive "Stage a" state. Jim Koenings Commentary: Although GR-11 itself is rated R-1, its "Stage a" die state is very rare. Graham's book records just two examples, grading MS-64 and AU-58. Provenance: From the Jim Koenings Collection. PCGS# 6177. NGC ID: 24G5. Click here for certification details from NGC.

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