1805/4 50C VF35 认证号26618139, PCGS号6070

O-101. R 4- (161-200 extant, scarce). CAC Green Sticker (47 total, 7 on grade, 18 higher). Comment from Sheridan Downey MB 48: Another sweet Red Book coin, evenly toned with pleasing surfaces. Intermediate die state with a thin reverse die break atop RI of AMERICA. Lot 3494 in Heritage’s July 2016 FUN Show auction, bringing $3,525. Comment from that Heritage auction: 1805/4 50C O-101, T-4, R.3, VF35 PCGS. Tompkins Die State 1/2-3. A bold die crack extends across the tops of MERI to the dentils over the C. The die state is earlier than the very rare O-101a, which shows a cud over the AM in AMERICA. Gunmetal-gray, walnut-brown, plum-red, and cobalt-blue toning encompasses this Choice VF representative. Comments from NGC Coin Explorer: Two obverse dies were prepared for 1804, yet no half dollars of that date are known. It's presumed that the 188,234 halves delivered to the treasurer in that calendar year were all from dies dated 1803. The U. S. Mint could not afford to waste such dies, and it may have been that the coiner wanted to use up the serviceable 1803-dated dies first. The 1804-dated obverses were held over and subsequently over dated with a numeral 5 for use during 1805. Obverse 1 was paired with two reverse dies for O-101, -102. An entirely different pair of dies produced the O-103 marriage. Obverse 2 deteriorated through three cataloged die states, the final one (O-103c) having a massive break from 7-8 o'clock that extended from the edge into Liberty's hair. It appears that the die-sinker made little or no effort to cover up traces of the underlying numeral 4 on either obverse, and these varieties are quite appealing for their obviousness. Bought from Sheridan Downey's mail bid auction 48 at the 2019 winter FUN show. Comments from Tompkins: OBV 2 and REV H. This DS-2 with a light crack across top of RI. The latest die stage showing a full cud at RI is very rare. Will come weakly struck at the lower left stars. The obverse die that created this marriage still exists and currently resides in the ANA collection. The reverse die was most likely left over from 1803-04 as the “A” punch is complete.

Ron Guth

Actually, there were two different 1805/4 overdated dies, both of which have 4's clearly visible beneath the 5, even to the naked eye.  Apparently, dies were prepared in 1804 for an anticipated coinage of half dollars which never materialized.  Thus, in 1805, the engravers took the two leftover 1804 dies and punched a 5 over the 4.

All of the 1805/4 Half Dollars are scarce and at least one of the die varieties (O-103) is rare (and its die states are even rarer still). 

Based on the PCGS Population Report, the 1805/4 overdated half dollar is approximately two to three times as rare as the normal 1805 half dollar.  Mint State examples of both types are exceedingly rare and the finest examples certified by PCGS thus far (as of May 2011) are a pair of MS65 examples.