1836 50C Capped Bust Half Dollar, Reeded Edge PCGS XF45 (CAC)

Christian Gobrecht revised and refined John Reich's iconic Capped Bust design for the new 1836 Reeded Edge half dollars. PCGS has graded 43 of the new Reeded Edge halves as XF45, with 154 finer. In CAC, there are 8 in XF45 with 30 finer.

A tale of two Capped Bust half dollars: above is the last year (1836) of John Reich's design, while below is Christian Gobrecht's newfangled version of it (also 1836).

The year 1836 saw the Mint in Philadelphia produce around 6.5 million half dollars the traditional way, by adding edge lettering in a process separate from striking the coins. That extra step was not just time-consuming, but it resulted in errors when dies in the edging machine slipped. Half dollars with edge lettering overlapping itself was not uncommon in those days. The arrival of the steam-powered coin press in 1836 revolutionized the striking of half dollars. It allowed for the minting of coins with a uniform diameter and a reeded edge (raised ridges) could be added to the coin as it was being struck. That eliminated the two-step process discussed above. Tradition tells us, based on Walter Breen's approximation, that only 1,200 of the 1836 Reeded Edge Capped Bust half dollars were minted. However, new research says that around 5,000 of the updated half dollars were produced that year.