P. Scott Rubin: The 1797 16 Star Obverse, Large Eagle Reverse Half Eagle is a unique variety and the sole specimen is housed in the Smithsonian Collection (having come from the J.K. Lilly Collection). This coin has an interesting history; its rarity was ignored by numismatists when it appeared as part of the Col. Green Estate. Its first auction appearance was in the 1944 Stack’s “Flanagan” Sale where, coincidentally, a 1933 Double Eagle was offered for the first time. While the 1933 Double Eagle caught the attention of the Federal Government, who demanded its return, no one seems to have noticed the rarity of the 1797 16 Star, Large Eagle Reverse Half Eagle, even though some of the biggest collectors of the day attended this sale. The coin sold for $625 at the Flanagan Sale.

That same year the coin appeared in the Stack’s “Bell” Sale and the following year in Stack’s “Hall” Sale, evidently bought by the owner of the Baldenhofer Collection at the Hall Sale. It was offered in Stack’s 1955 “Baldenhofer” Sale where it made its last public appearance. It sold in 1955 for the same price it realized in 1944 ($625), at which point it became part of the Josiah K. Lilly Collection and remained there until the collection was acquired by the U.S. Government for the Smithsonian’s Collection.

For many years this 1797 16 Star Obverse, Large Eagle Reverse Half Eagle was identified as a unique variety and was considered the rarest of all Half Eagles. However, only recently has it been discovered that the original Mint Collection, now part of the Smithsonian Collection, contains a unique 1797 15 Star Obverse, Large Eagle Reverse Half Eagle, thus placing these two unique half Eagles in the same museum collection.

David Akers (1975/88): Now that a second 1825/4 has come to light, the 1797 16 Stars Heraldic Eagle Half Eagle is alone at the top as the rarest U.S. Half Eagle. The unique specimen now resides in the Lilly Collection in the Smithsonian Institution, and so is forever unavailable to collectors. At one time, it was in Col. Green's extensive holdings but it was withheld when Green's Half Eagles were sold in 1943 to King Farouk of Egypt, and consequently never left the United States. Unfortunately, this coin was never really appreciated when it was available. The four auction records are all the same coin and in none of the four sales was it correctly touted as the unique rarity that it is. In fact, at its last public appearance, the Baldenhofer Sale in 1955, it sold for only $625, less than the price realized by the EF 1797/5 and exactly the same as the price realized by the EF 1797 15 Stars, Small Eagle. (At the same sale, the 1798 Small Eagle, of which there are 6-7 specimens known, brought $6000!)

The unique specimen is Choice AU and is very well struck.