1834 CAPPED BUST 50C, LETTERED EDGE PR65
GEM PROOF. ORIGINALLY ONLY 10 STRUCK. JUST 5-8 KNOWN TODAY. A PR67 IS THE ONLY ONE GRADED HIGHER. BRAND/NORWEB PEDIGREE.
NGC Graded Higher:
In 1834, President Andrew Jackson defunded the Second Bank of the United States. The move was in response Jackson’s belief that a financial institution as large as the Second Bank of the United States was in too precarious a position as it could be manipulated to exploit the US financial system. The power of the central bank was delegated to hundreds of smaller banks, all of which would produce their own notes and give out loans. The system Jackson set into place would culminate in the Panic of 1837 and the first significant depression the United States has faced. The US would not see another centralized bank until the National Bank Act of 1864. During this extended period, bank notes were often worth less than face value, making silver and gold coinage, such as this 1834 half dollar, a much more attractive form of currency to possess.
Although the Capped Bust Half was first struck for circulation in 1807, the earliest proofs of this type that have been certified by PCGS and NGC are dated 1818. We do not have mintage figures for any issue in this early specimen series. Nevertheless, we are confident that, for those years from 1807-1836 during which the Mint did strike proof Half Dollars, the original mintage was very limited and probably on the order of fewer than 15 pieces/year. Examples are offered at only the most widely spaced intervals, and they never fail to attract significant buyer attention whenever one appears in the market.