Among Liberty Seated half dollars there are many challenges. The 1842-O Small Date is rare even when worn nearly smooth, but still a numismatically acceptable piece can be acquired in the $1,000 range. Very hard to find are early Carson City issues, 1870-CC through 1873-CC, but again these are surprisingly affordable. Particularly popular, and widely available, are the low-mintage half dollars dated from 1879 through 1890. Production of these was very restricted, as the Philadelphia Mint was busy at the time turning out unprecedented quantities of Morgan silver dollars under the terms of the Bland-Allison Act. The result was that a whole string of rarities emerged from the Mint. Still, enough exist in collectors' hands that a set can be obtained today without a great deal of difficulty.

The 1886 half dollar is a case in point. Just 5,000 business strikes were minted, plus 886 Proofs. As the Proofs were specifically sold at a premium to collectors who saved them, of the 886 Proofs minted probably 500 or 600 exist today, although numerous pieces show signs of mishandling. Of the 5,000 business strikes, probably only a few hundred survive, most of which show signs of wear. All in all, it is probably correct to state that close to 1,000 half dollars bearing the date 1886 are preserved by the numismatic fraternity. This quantity is sufficient to supply those desiring an example. Numismatists forming a type set of half dollars do not need an 1886, for they can be satisfied with a less expensive date. The only buyer specifically needing an 1886-dated coin is someone putting together a date set. For several hundred dollars a nice VF or EF piece can be obtained, certainly not a high price to pay for a classic Liberty Seated rarity.

Budget Recommendations: Form a date and mintmark set of G-4 to VG-8 coins.

Recommendations for the Connoisseur: The preceding narrative gives some guidelines, but let me add the following: A basic type set is a good way to start. EF-40 to AU-50 coins are cheap and readily available. Forming a set of dates and mintmarks in the same grade can be a rewarding activity. MS-63 and MS-64 coins are quite undervalued throughout the series, particularly in the general date ranges of 1839-1852 and mintmark issues 1853-1874. An interesting short set can be formed by buying one each of the low mintage dates 1879-1891. Proof-63 and Proof-64 coins 1858-1891 are undervalued in comparison to Proof-65 pieces, but be sure to cherrypick.

Elite Recommendations: Aspire to build a set in MS-65 grade, but realize that certain issues may not be available in this grade, especially certain early New Orleans and San Francisco varieties and early Carson City issues (these can be acquired in AU-55 or better grades, upgrading as better pieces become available). Philadelphia Mint coins 1858-1891 can be added in Proof-65 grade. As always, be fussy about quality.