Believe it or not, the United States once minted half-cent coins. These small copper coins were part of the nation’s early monetary system, circulating from 1793 to 1857. Although today they seem like an oddity, some of these half-cent coins have become highly prized among collectors, with rare examples fetching over $1 million at auctions.
The origins of the half-cent coin
The Circulating half-cent coin was introduced in 1793 when the U.S. Mint launched its operations. It served a purpose to facilitate transactions that required lower denominations since the economy was still prone to bartering and using foreign currencies. Since this was one of the first American coins created, half cent coins were made of solid copper and the coins were quite large as they were approximated to the size of a modern US quarter.
Sewn into the fabric of the Coinage Act of 1792 were legally sanctioned the minting of coins in denomination of 1/2 cents which have proven to be rated the most minor denomination ever to be minted in US history. While half a cent may not amount to much, considering the 18th-19th century times, it would have been usable. A half cent was sufficient to purchase some petty goods which included paper, salt, or a piece of candy— all of which would not cost much.
End of circulation and modern collecting
In 1857, the use of coins that were half of a cent ceased due to reduced demand for them. The link between the increasing inflation in the United States and the rising expenses on producing the coin made it an impossible task for the US mint to continue producing the said coin. With the rise in the use of coins such as nickel and penny which were smaller and more portable, the use of half cent coinage was phased out in day to day transactions in the country.
While these half cent coins might have outlived their purchasing power, they are still cherished by most if not all coin collectors. Such coins are interesting not only because they are few in number but also because they represent an early period of America. The half-cent coins even if they are damaged or have minor defects are still highly sought by collectors because the worth of such coins can change dramatically based on the condition of the coin.
America’s most valuable half-cent coins
Some of the most valuable half-cent coins ever sold at auction have fetched jaw-dropping sums. Here are some of the most notable examples:
1. 1793 Liberty Cap Half-Cent
Being the very first half-cent coin ever produced, the 1793 Liberty Cap assumes an iconic status in the history of coinage in the United States. Close to only 35,000 of such coins were produced, and the coin showed the left-facing profile of Lady Liberty with a pole that bore the liberty cap. Such coins in the state of preservation are hard to find and are highly sought after. In the year of 2022, one such voluptuous 1793 Liberty cap half-cent was auctioned for a whopping price of $1.01 million, making it the highest selling half-cent coin in history.
2. 1795 Half-Cent with Edge Lettering
The half cent variant of 1795 is also known for its edge inscription with the words “Two Hundred for a Dollar” which means that 200 pieces of half cent’s currency was equal to a single dollar. Collectors of this coin will appreciate the fact that this coin is rare owing its edge lettering. One of such coins was sold at $408,000 in the year 2022.
3. 1794 High Relief Liberty Cap Half-Cent
Particular about collecting the 1794 half-cent coin is the image of Lady Liberty seen on the high relief profile. Enjoying an attractive appeal, the high relief aspect adds a unique refreshment of depth value to the design of the coin. One specimen of such coin was sold for $408,000 in 2022.
4. 1795 Minting Error – Struck on a Cent Planchet
As seen in most cases, minting problems tend to increase the value of the coins, and so does the 1795 half-cent struck on a cent planchet. It is a very interesting basis as the 1795 half-cent was struck on the incorrect cent planchet. Because of this error, the coin is considered a collector’s item , costly $444,000 in 2022.
5. 1796 No Pole Half-Cent
There is a style of the ordinary 1796 half-cent that does not have a pole at her cap which can be referred to as the 1796 no-pole half-cent. This design flaw leads to the coin being extremely valuable, and one such coin was sold for $630,000 in 2019.
What determines the value of a half-cent coin?
The worth of a half-cent coin varies depending on a number of factors, the most important being the coin’s degree of rarity, condition, and design variations. Coins that are almost perfect and have minting errors are of great value as well. For instance, it is not only the case that detailed designs boost a coin’s worth, as even simple letters and their placement within a design can affect the price astronomically.
These issues explain why the half-cent coin is always of interest to coin enthusiasts – there are always chances of obtaining these rare pieces. Given the above, if you ever come across such a coin in the recesses of some collection or say, an old family trunk, you are likely to be in for a surprise as the price would be far much higher than the ostensible value of half a cent.
Read more: If you have this dime it can give you up to $7,000 – Check your pockets and drawers for Mercury Dime
Take home note
Though they disappeared from circulation over 150 years ago, half-cent coins continue to hold a special place in American history and among collectors. Their scarcity, combined with their historical significance, makes them highly sought after in the world of coin collecting. Some of these coins, like the 1793 Liberty Cap, have sold for over $1 million, proving that these small pieces of copper can carry a hefty price tag. So, if you ever come across one, you might just be holding a piece of numismatic treasure .
