1839 50C Capped Bust, Small Letters N1 认证号25606304, PCGS号6180

Heritage Auctions Notes: 1839 Reeded Edge Half Dollar, Fine Details Rare Small Letters Reverse, GR-1 1839 50C Small Letters, GR-1, R.7 -- Filed Rims -- PCGS Genuine. Fine Details. The 1839 GR-1 Reeded Edge half dollar is the Small Letters Guide Book key, and it is the rarest Reeded Edge variety aside from the famous 1838-O. In his Registry of Die Varieties for Reeded Edge Bust half dollars, Dick Graham writes: "As of this writing, I have verified 10 coins in all grades and conditions. Several of these coins have been discovered in the last 5 years, so it is still possible that more will surface in the future, but never enough to satisfy demand for variety and Red Book collectors." This piece displays deep gunmetal-gray patina and moderate wear, with light, scattered abrasions. A singular mark in the left obverse field between Liberty's chin and star 2 serves as a pedigree marker. PCGS notes rim filing, which prevents a numeric grade.

Gordon Wrubel

In 1838 The lower reverse legend on Reeded Edge Capped Bust half dollars was changed from "50 Cents" to "Half Dol." It is believed this change was made to conform to the designations on other denominations being produced at the time. This "Type II" reverse would appear on all coinage through the end of Liberty Seated series in 1891.
1839 marked the last appearance of the Bust obverse which was replaced later in the year by the Liberty Seated die. One of the Capped Bust 1839 varieties has a unique, pattern(?) reverse die known as "Small" Letters. This extremely rare variety was first recognized by New York numismatist, Maurice Rosen, in 1972. With its unique reverse, this coin designated GR-1,(Graham-Reiver) is highly coveted by die variety and Red Book collectors alike. To die variety collectors, GR-1 is the "Holy Grail" of the Reeded Edge half dollar series, rivaling the the "proof" 1838-O in rarity. The 2012 Graham-Reiver book traces only 10 specimens, with one in Mint State. This piece was graded MS-63 by PCGS in 1997.

Quickfinder Notes: The obverse die of GR-1 was used on the first four varieties of 1839. The reverse show some distinctive differences. The size of the eagle is smaller than on any to follow. The eagles talons are more closed. The "Small" letters are tall, thinner and spaced AWAY from the rim due to having more room because of the SMALLER size eagle. The "Large" letters are from different style punches; squat, thick and very CLOSE to the rim because of the lack of space due to the LARGER eagle. Be that as it may, there is a telltale feature of the die that is DIAGNOSTIC. One only has to look at the BOTTOM ARROW FEATHER that shows below the STEM of the olive branch. On the 'Small" Letters only the VERY TIP shows below the stem. On all other 1839 Capped coins, the reverses show about ONE THIRD of the bottom feather below the stem as well as a significant portion of the ARROW SHAFT.