1838-O 50C PR64 Certification #-4, PCGS #6226

CoinFacts Details

Owner's Comments

PCGS grade. Purchased by Louis Eliasberg in 1942 from Stack's. Sold by Bowers & Merena Apr '97 price realized $121,000. Lot #1911. Pedigreed 12/17/15.

Expert Comments

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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PCGS #

6226

Designer

Christian Gobrecht

Edge

Reeded

Diameter

30.00 millimeters

Weight

13.36 grams

Mintage

Metal

90% Silver, 10% Copper

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Region

The United States of America

Price Guide

PCGS Population

Auctions - PCGS Graded

Auctions - NGC Graded

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.
65 or Better	6	R-9.7	N/A	N/A
All Grades	3	R-9.8	N/A	N/A
60 or Better	0	R-10.1	N/A	N/A

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.
65 or Better	6
All Grades	3
60 or Better	0

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.
65 or Better	R-9.7
All Grades	R-9.8
60 or Better	R-10.1

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.
65 or Better	N/A
All Grades	N/A
60 or Better	N/A

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.
65 or Better	N/A
All Grades	N/A
60 or Better	N/A

Condition Census Learn More

Pos	Grade	Pedigree and History
1	PCGS PR64BM	H.O. Granberg; Waldo Newcomer; William H. Woodin, around 1915 (sold en bloc); B. Max Mehl, 1932 (sold en bloc); "Colonel" E.H.R. Green; Green Estate, June 1936; to Burdette G. Johnson, by sale, June 1942; Johnson to James Macallister via private treaty, September 9, 1942 – $1,200; Maurice A. Ryan, by sale; B. Max Mehl, June 1945, Lot 936 – $1.875; Will W. Neil; “Will W. Neil Collection,” B. Max Mehl, June 1947, Lot 580; James A. Stack; “James A. Stack Collection,” Stack’s, March 1975, Lot 415; Julian Leidman; Steve Ivy Numismatic Auctions, August 1982, Lot 2320; Anthony Terranova to Kevin Lipton; George Vogt; RARCOA, August 1984, Lot 1666; David Queller; “Queller Family Collection of United States Half Dollars, 1794-1963,” Stack’s, October 2002, Lot 446 – $184,000; D. Brent Pogue; “D. Brent Pogue Collection, Part IV,” Stack’s Bowers / Sotheby’s, May 24, 2016, Lot 4007 – $493,500. Pale blue with dappled gold and pewter grey along the periphery. Diagonal mark from Star 3 to nose.
1	PCGS PR64BM	“Colonel” E.H.R. Green; “The W.G. Baldenhofer Collection,” Stack’s, November 1955, Lot 708 – $3,200; “The Robert Pelletreau Collection,” Stack’s, March 1959, Lot 782 – $4,000; Jerome L. Cohen; Lester Merkin; Q. David Bowers; “The Charles Jay Collection,” Stack’s, October 1967, Lot 181 – $14,000; “The Dr. E. Yale Clarke Collection,” Stack’s, October 1975, Lot 253 – $43,000; Julian Leidman; “The Bryan Collection,” NASCA, October 1977, Lot 708; Julian Leidman; "Auction '82," Paramount Auctions, August 1992, Lot 1689 – $47,500; unknown intermediary; Heritage Auctions, June 2005, Lot 6244 – $632,500; "The Greensboro Collection," Heritage Auctions, January 10, 2013, Lot 5644 – $734,375. Gold toning on the interior, pleasing cobalt toning around the periphery.
1	PCGS PR64BM	“The Robert Coulton Davis Collection,” New York Coin & Stamp, Co. January 1890, Lot 655 – $51; purchased by Samuel Hudson and Henry Chapman; unknown intermediaries; Martin Luther Beistle; “Colonel” E.H.R. Green; Burdette G. Johnson to Stack’s via private treaty, August 20, 1942 – $1,200, August 20, 1942; Stack’s to Louis E. Eliasberg, Sr. via private treaty, October 1942 – $1,400. As “PR63.” “The Louis E. Eliasberg, Sr. Collection,” Bowers and Merena, April 1997, Lot 1911 – $121,000; Andrew Lustig and Don Kagin; John Albanese, purchased and sold in 2005; As NGC PF64 CAC #685827-001. “The Smoke Rise Collection,” Heritage Auctions, January 9, 2014, Lot 5249 – $763,750; Private Collector; Heritage Auctions, May 12, 2015, Lot 98459 – $646,250. As PCGS PR64 #25631608. Golden-red hue with blue and green toning along the periphery. Toning spot on Liberty's chest. Smaller toning spot on Liberty's cheek.
4	PCGS PR63BM	"Colonel" E.H.R. Green; "The William Cutler Atwater Collection," B. Max Mehl, June 1946, Lot 555; Unknown Intermediaries. As "Brilliant Proof." "The Reed Hawn Collection," Stack's, August 1973, Lot 122 - $41,000. Offered for sale for $100,000 by General Merchandise Co. in the October 1974 issue of Numismatic Scrapbook Magazine. As "Brilliant Proof 60." "Auction '79," Superior Stamp & Coin Co., August 1979, Lot 1569 - $62,000. As PCGS PR63. "The James Bennett Pryor Collection," Bowers and Merena, January 1996, Lot 94 - $104,500; Doug Noblet; Bowers and Merena, October 2000; Heritage to Madison Collection via private treaty, September 2005; As PCGS PR63 #03055054. "The Sid and Alicia Belzberg Collection." Heritage Auctions, February 14, 2008, Lot 600 - $632,500; "The Jenkins Family Collection," Heritage Auctions, January 4, 2018, Lot 4861 - $444,000. Blue-gray toning. Rim hit above breast. Diagonal mark to the right of Star 5. Horizontal mark to the left of Star 9.
4	PCGS PR63BM	“Colonel” E.H.R. Green; Burdette G. Johnson; Wayte Raymond; J.G. Macallister; probably Charles M. Williams; Numismatic Gallery, June 1950, Lot 1073; Numismatic Gallery, August 1953, Lot 1873; "The R.E. Cox, Jr. Collection," Stack's, April 27, 1962, Lot 1873 - $9,500, to Empire Coin Co.; Hazen B. Hinman. As "Brilliant Proof." “The Century Collection (Hinman),” Paramount, April 1965, Lot 1151; Unknown Intermediaries; Bowers and Ruddy; “The Ellis H. Robison Collection,” Stack’s, February 1982, Lot 1605; Marvin Browder; David W. Akers; As PCGS PR63BM #38283581. “The E. Horatio Morgan Collection,” Stack’s Bowers, November 15, 2019 – Lot 7197 – $504,000. Golden brown toning on both sides.

#1 PCGS PR64BM

H.O. Granberg; Waldo Newcomer; William H. Woodin, around 1915 (sold en bloc); B. Max Mehl, 1932 (sold en bloc); "Colonel" E.H.R. Green; Green Estate, June 1936; to Burdette G. Johnson, by sale, June 1942; Johnson to James Macallister via private treaty, September 9, 1942 – $1,200; Maurice A. Ryan, by sale; B. Max Mehl, June 1945, Lot 936 – $1.875; Will W. Neil; “Will W. Neil Collection,” B. Max Mehl, June 1947, Lot 580; James A. Stack; “James A. Stack Collection,” Stack’s, March 1975, Lot 415; Julian Leidman; Steve Ivy Numismatic Auctions, August 1982, Lot 2320; Anthony Terranova to Kevin Lipton; George Vogt; RARCOA, August 1984, Lot 1666; David Queller; “Queller Family Collection of United States Half Dollars, 1794-1963,” Stack’s, October 2002, Lot 446 – $184,000; D. Brent Pogue; “D. Brent Pogue Collection, Part IV,” Stack’s Bowers / Sotheby’s, May 24, 2016, Lot 4007 – $493,500. Pale blue with dappled gold and pewter grey along the periphery. Diagonal mark from Star 3 to nose.

#1 PCGS PR64BM

“Colonel” E.H.R. Green; “The W.G. Baldenhofer Collection,” Stack’s, November 1955, Lot 708 – $3,200; “The Robert Pelletreau Collection,” Stack’s, March 1959, Lot 782 – $4,000; Jerome L. Cohen; Lester Merkin; Q. David Bowers; “The Charles Jay Collection,” Stack’s, October 1967, Lot 181 – $14,000; “The Dr. E. Yale Clarke Collection,” Stack’s, October 1975, Lot 253 – $43,000; Julian Leidman; “The Bryan Collection,” NASCA, October 1977, Lot 708; Julian Leidman; "Auction '82," Paramount Auctions, August 1992, Lot 1689 – $47,500; unknown intermediary; Heritage Auctions, June 2005, Lot 6244 – $632,500; "The Greensboro Collection," Heritage Auctions, January 10, 2013, Lot 5644 – $734,375. Gold toning on the interior, pleasing cobalt toning around the periphery.

#1 PCGS PR64BM

“The Robert Coulton Davis Collection,” New York Coin & Stamp, Co. January 1890, Lot 655 – $51; purchased by Samuel Hudson and Henry Chapman; unknown intermediaries; Martin Luther Beistle; “Colonel” E.H.R. Green; Burdette G. Johnson to Stack’s via private treaty, August 20, 1942 – $1,200, August 20, 1942; Stack’s to Louis E. Eliasberg, Sr. via private treaty, October 1942 – $1,400. As “PR63.” “The Louis E. Eliasberg, Sr. Collection,” Bowers and Merena, April 1997, Lot 1911 – $121,000; Andrew Lustig and Don Kagin; John Albanese, purchased and sold in 2005; As NGC PF64 CAC #685827-001. “The Smoke Rise Collection,” Heritage Auctions, January 9, 2014, Lot 5249 – $763,750; Private Collector; Heritage Auctions, May 12, 2015, Lot 98459 – $646,250. As PCGS PR64 #25631608. Golden-red hue with blue and green toning along the periphery. Toning spot on Liberty's chest. Smaller toning spot on Liberty's cheek.

#4 PCGS PR63BM

"Colonel" E.H.R. Green; "The William Cutler Atwater Collection," B. Max Mehl, June 1946, Lot 555; Unknown Intermediaries. As "Brilliant Proof." "The Reed Hawn Collection," Stack's, August 1973, Lot 122 - $41,000. Offered for sale for $100,000 by General Merchandise Co. in the October 1974 issue of Numismatic Scrapbook Magazine. As "Brilliant Proof 60." "Auction '79," Superior Stamp & Coin Co., August 1979, Lot 1569 - $62,000. As PCGS PR63. "The James Bennett Pryor Collection," Bowers and Merena, January 1996, Lot 94 - $104,500; Doug Noblet; Bowers and Merena, October 2000; Heritage to Madison Collection via private treaty, September 2005; As PCGS PR63 #03055054. "The Sid and Alicia Belzberg Collection." Heritage Auctions, February 14, 2008, Lot 600 - $632,500; "The Jenkins Family Collection," Heritage Auctions, January 4, 2018, Lot 4861 - $444,000. Blue-gray toning. Rim hit above breast. Diagonal mark to the right of Star 5. Horizontal mark to the left of Star 9.

#4 PCGS PR63BM

“Colonel” E.H.R. Green; Burdette G. Johnson; Wayte Raymond; J.G. Macallister; probably Charles M. Williams; Numismatic Gallery, June 1950, Lot 1073; Numismatic Gallery, August 1953, Lot 1873; "The R.E. Cox, Jr. Collection," Stack's, April 27, 1962, Lot 1873 - $9,500, to Empire Coin Co.; Hazen B. Hinman. As "Brilliant Proof." “The Century Collection (Hinman),” Paramount, April 1965, Lot 1151; Unknown Intermediaries; Bowers and Ruddy; “The Ellis H. Robison Collection,” Stack’s, February 1982, Lot 1605; Marvin Browder; David W. Akers; As PCGS PR63BM #38283581. “The E. Horatio Morgan Collection,” Stack’s Bowers, November 15, 2019 – Lot 7197 – $504,000. Golden brown toning on both sides.