All Small Date 1849 Half Cents are restrikes. Breen believed that the Small Date resulted from the use of a logotype normally reserved for Quarter Eagles. The reverse used on the 1849 Small Date Restrikes was the same utilized on all the so-called "First Restrikes" from 1840-1848 (this reverse is also known as the "Reverse of 1856"). So far, no "Second Restrikes" (or "Reverse of 1840") are known for 1849 Half Cents, though Breen speculated that they might exist.
In his 1988 Encyclopedia, Breen suggested there were fifteen examples of the Proof 1849 Small Date Restrike Half Cents, several of which were very old citations. We've been able to identify ten demonstrably different examples, so it is likely that a dozen or more were made for collectors. The quality of these piece ranges from a low of PCGS PR62BN to PCGS PR66RB. No full Red examples are known to exist.