1838-O 50C, CAM (Proof)

Series: Capped Bust Half Dollars 1817-1839

PCGS #:: 86226

Designer:: Christian Gobrecht

Edge:: Reeded

Diameter:: 30.00 millimeters

Weight:: 13.36 grams

Mintage:: 20

Mint:: New Orleans

Metal:: 90% Silver, 10% Copper

Auction Record:: N/A

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Major Varieties

1838-O 50C
1838-O 50C, CAM

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Rarity and Survival Estimates Learn More

Grades	Survival Estimate The Survival Estimate represents an average of one or more experts' opinions as to how many examples survive of a particular coin in three categories: 1) all grades, 2) 60 or better, and 3) 65 or better. These estimates are based on a variety of sources, including population reports, auction appearances, and personal knowledge. Survival estimates include coins that are raw, certified by PCGS, and certified by other grading services.	Numismatic Rarity Numismatic Rarity converts the Survival Estimate for a particular coin into a number from 1 to 10 (with decimal increments) based on the PCGS Rarity Scale. The higher the number, the more rare the coin.	Relative Rarity By Type Relative Rarity By Type ranks the rarity of this coin with all other coins of this Type. Lower numbers indicate rarer coins.	Relative Rarity By Series Relative Rarity By Series ranks the rarity of this coin with all other coins of this Series. Lower numbers indicate rarer coins.
All Grades	2	R-9.9	N/A	N/A
60 or Better	2	R-9.9	N/A	N/A
65 or Better	1	R-10.0	N/A	N/A

Survival Estimate
All Grades	2
60 or Better	2
65 or Better	1

Numismatic Rarity
All Grades	R-9.9
60 or Better	R-9.9
65 or Better	R-10.0

Relative Rarity By Type All Specs in this Type
All Grades	N/A
60 or Better	N/A
65 or Better	N/A

Relative Rarity By Series All Specs in this Series
All Grades	N/A
60 or Better	N/A
65 or Better	N/A

Condition Census What Is This?

Pos	Grade	Image	Pedigree and History
1	PCGS PR64BMCAM		James B. Wilson, purchased October 1884; “The James B. Wilson Collection,” Thomas Elder, October 1908, Lot 346 - $570; Albert Fairchild Holden; Emery May Holden (Norweb). As "Proof 64 to 65." “The Norweb Collection, Part III,” Bowers and Merena, November 1988, Lot 3119 - $93,500; unknown intermediaries; Andrew Lustig; Bruce Morelan (from 2001-2003). As PCGS PR64BMCAM #50034366. "The Elite Collection" (PCGS Set Registry).

#1 PCGS PR64BMCAM

James B. Wilson, purchased October 1884; “The James B. Wilson Collection,” Thomas Elder, October 1908, Lot 346 - $570; Albert Fairchild Holden; Emery May Holden (Norweb). As "Proof 64 to 65." “The Norweb Collection, Part III,” Bowers and Merena, November 1988, Lot 3119 - $93,500; unknown intermediaries; Andrew Lustig; Bruce Morelan (from 2001-2003). As PCGS PR64BMCAM #50034366. "The Elite Collection" (PCGS Set Registry).

Charles Morgan:

The 1838-O Capped Bust Half Dollar Proof

The 1838-O Capped Bust Half Dollar Proof (#6226) stands as one of the most storied rarities in American numismatics. Ranked #30 in the 6th Edition of 100 Greatest U.S. Coins (2024), its history is shrouded in mystery. While the New Orleans Mint eventually produced 116,000 half dollars dated 1839, the status of the 1838-O remains a subject of intense debate.

Conflicting Origins: New Orleans or Philadelphia?

Though official mint records are silent on the total mintage, it is generally believed that 20 examples were struck, with no more than 11 known today (8 in PCGS holders). These coins first surfaced in numismatic circles around 1867, a period defined by a growing appetite for rarities among well-connected dealers and elite collectors.

Two primary theories dominate the discussion of their origin:

The Philadelphia Theory: In The Surprising History of the 1838-O Half Dollar (2012), David Stone and Mark Van Winkle suggest the coins were actually struck in Philadelphia as "showpieces" to demonstrate the new "O" mintmark for the branch mints. Stone cites 19th-century writings by Édouard Frossard and notes that the coins were produced on screw presses, whereas the New Orleans Mint had been sent steam presses.
The New Orleans Theory: Others dispute the Philadelphia origin, citing a lack of contemporary media coverage regarding the new mintmarks and a February 25, 1839, letter from New Orleans Chief Coiner Rufus Tyler to Mint Director Robert M. Patterson. Tyler reported that the reverse dies were too short for the press, forcing him to "splice" a die to test the machinery. Tyler claimed this makeshift setup produced 10 successful impressions before failing.

Note: If Tyler’s account explains the first 10 coins, researchers John Dannreuther and Kevin Flynn suggest the remaining 10 may have been struck later with more care, accounting for the "Prooflike" or "Specimen" qualities seen on surviving examples.

Noteworthy Pedigrees

Legend suggests these coins were intended as presentation pieces for dignitaries. One was reportedly given to Alexander Dallas Bache, President of the University of Pennsylvania, and another to Frances Parke Lewis Butler, the grand-niece of George Washington. No recently published pedigree affirms these ownership claims; however, examples have been traced to many of the most important numismatic cabinets in history: Atwater, Eliasberg Sr., Pogue, Stack, and most recently, "Elite."

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