Looking to spend $1.2 million on a half dime? Columbus, Ohio �this weekend.
 

Mint condition Historic half dime to be sold during Columbus coin show
Tuesday, April 25, 2006
Gerald Tebben
THE COLUMBUS DISPATCH

One of the finest known examples of the first coin minted by the United States will cross the auction block this week in Columbus.
The 1792 half dime � originally spelled disme � is a slice of silver, half the size of a dime, that is widely thought to have been struck on metal provided by George Washington.
The coin, given to Thomas Jefferson shortly after it was minted, supposedly pictures Martha Washington on the front.
��You could make a very good case for this being the most important coin ever produced by the government," said Mark Borckardt, senior cataloger for Heritage Auction Galleries of Dallas, which will sell the piece Thursday during the Central States Numismatic Society convention at the Greater Columbus Convention Center.
Between 1,500 and 2,000 of the tiny coins were made.
Three of the 150 to 300 that have apparently survived are being auctioned this week at the convention.
��Having three of them in one sale is pretty remarkable," Borckardt said.
Two are badly worn.
The third, in exceptional condition, is expected to attract $500,000 to $2 million, he said. Shortly before the first U.S. Mint opened, the coins were struck in the cellar of a Philadelphia saw factory by chief coiner Adam Eckfeldt.
They were delivered to Jefferson, who, as secretary of state, was responsible for the mint.
His journal entry of July 13, 1792, recorded the transaction: "Recd. From the Mint 1500 half dismes of the new coinage."
The production, said Richard Doty, numismatics curator of the Smithsonian Institution, marked an important event in the early history of the United States.
"Coinage is an attribute of sovereignty," he said. "This is a literal manifestation of sovereignty."
Despite the lack of documented evidence, Doty figures that the Washingtons were present when the 1792 half dimes were struck.
"To do your own coinage," he said, "I think the Washingtons would have wanted to be there for the occasion."
The piece shows a female Liberty on the front and an eagle on the back.
Congress originally wanted a portrait of George Washington on coins, but he rejected the suggestion as too monarchical � although the legend persists that Martha Washington became the model for the Liberty likeness.
Many of the coins, which were mentioned in the State of the Union message that year, were placed in circulation; others were given to dignitaries.
Most that survive show extensive wear.
Yet the Heritage coin, struck with extraordinary attention to detail, has been carefully stored since.
Toned a mottled blue, gray and light gold through the years, the surfaces � beyond a tiny scratch on the front � remain perfect.
Most coins are struck once and allowed to fall into bags or bins.
The Heritage example was struck at least twice � to enhance the details � from dies polished before it was made, imparting mirrorlike surfaces to the edges, according to Borckardt.
The result is designated a "specimen strike" by the Professional Coin Grading Service, meaning it was probably crafted as a presentation piece.
By some collectors, it is considered the finest of an estimated 20 uncirculated 1792 half dimes.
The state of Ohio owns one of them: Disgraced coin dealer Tom Noe bought it for the Bureau of Workers� Compensation in 2004 for $1.2 million.
It was offered for sale at $1.5 million in 2004 but found no takers � and will probably be offered at auction in the future as the state sells the Noe coins.
The catalog description speculates that the specimen strike "might well have been the very first United States coin actually released by the State Department, perhaps a special gift to a friend of the U.S. or even to George Washington himself."
No one knows who originally owned it: Its pedigree dates only from 1933, when, during the Depression, it appeared in the stock of New York dealer J.C. Morgenthau.
In the 1790s, Doty said, too few of the coins were struck to have had much effect on commerce.
"It�s important as the first," he said. "It was a small but meaningful mint output."