1872-CC Half Dollar Coin of the Week 06/12/2011

1872-CC Liberty Seated Half Dollar

Mintage: 272,000**

At the end of 1872, the Carson Daily Appeal published a story that would cause the locals to beam with pride. The article entitled “The Mint and the Carson Branch” was a review of the Philadelphia Mint’s assessment of affairs at the two year old facility. It read:
We have just examined with attention and interest the report of the Director of the Mint at Philadelphia.
We regret that our brief space does not allow us to indulge in the pleasure of publishing enough of the report of the Director of the United States Mint to show fully the creditable working of the Branch Mint in Carson> The Director in his report to the Secretary of the Treasury, says “This Branch Mint has been most successful in its operations during the past year.”
The article concluded on a positive note:
The remarks of the Director on the Carson Mint, close with full approval of all the changes and measures of improvements that the Superintendent Rice recommended; and with the expression of the fullest confidence in the future of the Branch Mint under the energetic and painstaking superintendence of the present manager.
Production increased by nearly 70% in 1872 from 214,958 coins to 360,380 coins, the bulk of this attributed to an increase in the striking of half dollars, rising by some 132,000 pieces.
Fact is, half dollars were the most plentiful of all coins produced during the first four years of operations at the Carson City Mint. This was mainly due to the denominations favor for export. Half dollars were more versatile in commercial trade in the western regions where paper currency was not generally accepted or trusted.
As early as 1893 the 1872-CC half dollar was described as scarce. Augustus Heaton conceded that none of the dates in the Carson City half dollar series had low enough mintages to qualify for rare coin status, but the 1870-cc, 1874-cc and the 1878-CC dates had already defied the numbers and the 1872-CC was gaining respect as a scarce coin.
Nevada politicians of the time certainly welcomed the mintage of any silver coin capable of consuming the seemingly unending supply of bullion that flowed from their supporter’s mines.
Commercial transactions, money changers and foreign trade needed a coin of substance, worth less that gold coins, but of a sufficient size to minimize the tedious task of counting change in large transactions and exchange. With bags of 10,000 dimes, or even 4,000 quarters it was less cumbersome dealing with 2,000 half dollars when silver coins were required for deals involving high dollar amounts. Silver dollars would have been a better choice, but the value of the bullion in silver dollars was almost seven cents more than the silver value in two half dollars. Half dollars provided a needed flexibility than silver dollars, especially in deals under $10.00.
In 1872 the Carson Mint pumped out 272,000 half dollars compared to only 3,150 silver dollars.
There is no questioning the demand for half dollars. If you look at the even distribution of this denomination between the eastern and the western United States, Philadelphia’s total mintage is a shade higher than the combined mintage mintages of the Carson Mint and the Mint at San Francisco. An interesting fact that Carson City minted half dollars were transferred to the San Francisco Mint in 1872 (as they were every year they were minted), probably for export. This reason explains better why “CC” half dollars are scarce, than does the theory of the scarcity caused by mass melting.
Even with a relatively high mintage the 1872-CC can only claim MS63 as the highest grade known. Just as with so many rarities from the Mint on Carson Street, the 1872-CC half dollar is also elusive in higher condition ratings even for the most advanced collectors. The famous Norweb Collection on contained a high end XF specimen.
Four obverse and four reverse dies have been identified as being used in 1872-CC half dollar production. At the time of production the mint was averaging 27,000 coins per month. All 1872-CC half dollars bear the large “CC” mintmark with minor shifts in the position of the “C’s” Strikes seen for this date exhibit sharp prooflike surfaces, whereas others have weakly struck lettering in LIBERTY and frosty surfaces.
As the “CC” series gains in popularity not only from our membership but also from collectors of the Liberty Seated Collectors Club pieces are being gobbled up in strong handed collections. Problem free examples will continue to command substantial premiums. The 1872-CC half dollar is one of the “Top 25 Dates in the Carson City Series”.
Prices list in June 2011 edition of Coin Values in my opinion do not show their true value.
G4 VG8 F12 VF20 EF40 AU50 MS60 MS63
125. 250. 500. 1000. 2500. 3500. 20000. 60000.

Try to find a problem free example at the above listed prices, and what a true find it would be!!!!

Information provided by; “The Mint on Carson Street “by Rusty Goe and “A Registry of Liberty Seated Half Dollar Varieties Volume II Carson City Branch Mint “ by Bill Bugert.
** Bill’s book lists the mintage as 257,000.

Loosechange

Mark,

You pointed out all the reasons why the 1872-CC half dollar is an important coin in the Carson City series. Your article touched on many key factors related to the Carson Mint's production of these half dollars.

You wrote:

As the “CC” series gains in popularity not only from our membership but also from collectors of the Liberty Seated Collectors Club pieces are being gobbled up in strong handed collections. Problem free examples will continue to command substantial premiums.

I think this statement will prove to be prophetic.

Good job. I can tell you had a lot of fun (and probably learned a lot) in preparing your COTW posting.

Rusty

Loosechange,

The ubiquitous half dollar has always been one of our country's workhorses. This is no less true for the Seated Liberty halves minted at Carson City.

Your article points out the tremendous "conditional" rarity of the 1872-CC 50c in mint state. This is a relatively common occurance with Carson City minted coins. Due to the high demand for specie in the daily commerce of the west, most of the coins minted at Carson City went directly to work in the economy with very, very few brand- new coins held back by mint officials, bankers or collectors

Perhaps the MS-63 example of the 1872-CC 50c, which sits at the top of the heap, was that year's example coin sent back east as required from each year's new batch of dates and denominations? Had it not been for this procedural requirement, there would be far fewer Carson City dates without ANY mint state examples extant.

Personally, I get excited about ANY Carson City minted coin from the '70's, regardless of whether it's considered a common date or not.

Thanks for the enjoyable article and for sharing your excitement and passion for CC minted coins.



Belay Off

Thank you Carsonite for your kind words and your encouragement. I did indeed have fun researching the 1872-CC half dollar. As more collectors become exposed to the true scarcity of these coins from our favorite mint it will be "lights out" for sure. Competition for these pieces is fierce.

Belay, Thanks for sharing your personal collection of Carson City coins with all of us. It is probably why I haven't learned how to post as I really look forward to all of you sharing such beautiful coins. Your granddaughter will be so honored I am sure to carry on your collection of coins and their history. I know when I share my coins with my own grandson as young as he is, it just brings our bond closer together.It is true that this is a workhorse denomination and it is amazing that there are as many mint state examples as there are.

Loosechange

AT 6 YEARS OF AGE, RIAN PREFERS TO LOOK AT BUGS WITH THE MAGNIFYING GLASS RATHER THAN COINS...BUT THAT'S FINE FOR NOW.

BELAY OFF

Hi Loosechange

Sorry about my delayed review of your COW post of the 1872-CC seated half dollar. I am in full vacation-mode with family and everyday is busy filled with yet more fun things to do!
I did however take enough time out to read your wonderful fact-filled and historic Cowpost of one of the "Top 25" (Thank you Rusty Goe!) "CC" coins.
I must also submit a "thank you" to Belay for providing us with his beautiful coin of that date.
I look forward to your next great article!

the sun-burnt drummer