New Bust Half Discovered
During the show, members of the Bust Half Nut Club met to attribute a newly discovered die marriage for the Bust Half dollar. This is a very exciting event for Bust Half collectors. The following report was written by Bust Half Nut Club member Thomas C. Hartl.
Holey 1806 O-129 Bust Half Dollar Discovery
This story begins at the January 2003 FUN show in Florida when a world numismatist from Georgia named Robertson Shinnick traded an Irish coin and some world proof sets worth about $40. For this, he received an 1806 Draped Bust Half Dollar worn to VG and holed.
Robertson has a nickname of Lord Marcovan and while at coin shows wears a vest showing around 100 holey world coins, which included this 1806 Draped Bust half dollar. He also wears a top hat with another 100 smaller size holey coins. He displayed this coin on his vest for almost three years. When he found an upgrade 1806 recently, he traded this first 1806 in September 2005 to his numismatist friend Rich Sayre from California.
A month later, Rich Sayre decided that he really did not want the holey 1806 so he put it on Ebay for 5 days starting at 99 cents with no reserve. After one hour, the coin was at $10.01. At this time, a Bust Half specialist from Washington State named Robert Zornes noticed the coin did not match any known Overton variety. He placed a small bid hoping not to attract attention, and the anxiety began.
Bidding went along for three days with another Bust Half collector thinking that maybe the coin was rare and bidding it all the way to $150. In the last seconds of bidding on Oct. 11, 2005, Robert Zornes placed what he called "a patriotic bid of $1,776". He planned a bid of $3,700 but his wife sat next to him at closing time and questioned why he would spend so much money on a worn, holey coin.
Also in the last few seconds before closing a collector from Oregon named David Hatfield, who noticed about the second day of the auction that this coin was not a known variety, placed his bid and won the 1806 for $1,801. David indicated his maximum bid was $7,000, so Robert's wife did not cause Robert to lose the bidding war when she cautioned him to lower his final bid from $3,700 to $1,776.
After much searching, I located David Hatfield in Portland where he works as a computer programmer. His area of interest is Early Federal coinage with most of his time spent looking for unattributed rare varieties in low grades. David also runs cross-country and competes in his age group. I expect he ran a few extra miles to relax during those days just prior to this auction close.
Word went out to the Bust Half community where it was quickly decided that this 1806 was an unknown variety if it proved to be genuine. The Ebay seller Rich Sayre had provided large detailed pictures, so it was easy to see that the obverse of this coin did not match any known obverse.
Luckily, the PNNA/Willamette Coin Club Show was scheduled for Oct. 29-30. Show general chairman Larry Gaye agreed to provide the Bust Half Nut Club a meeting room, so I set up an authentication meeting at the show with the owner and recognized Bust Half collectors Bill Nyberg, Steve Tompkins, Craig Mims, and myself.
It was not until the night before the authentication meeting that I knew my friend Robert Zornes was the under bidder. After finishing our long telephone conversation late Friday, it did not look like Robert would make his 3AM wakeup to make the seven-hour trip to Portland because he had such short notice. Happily, he made it on time and his input was much appreciated.
We put the coin through many tests such as weighing on two scales, repeated ring tests, and compared it to many other 1806 Bust Halves. We took many pictures of the coin including the lettered edges. After two and a half hours, we concluded our work, and signed our data sheet. All agreed this was a new and genuine 1806 Bust Half variety. Following the Overton numbering tradition, this die marriage will likely be the O-129. Since the obverse was unknown until now, this holey coin may be stand as unique for some time.
At this time, the holey 1806 Bust Half is not for sale. What is it worth? I heard estimates ranging from $5,000 to $30,000. My opinion is about $20,000. If the coin eventually goes to auction, the top two bidders will make that decision.
Thomas C. Hartl
A Picture of Concentration (Steve Tompkins)
Jubilant Bust Half Nut Club Members Celebrating the New Discovery
Seated Left to Right: Bill Nyberg, Steve Tompkins
Standing Left to Right: Thomas Hartl, Robert Zornes (Discoverer),
David Hatfield (Owner), Craig Mims
Obverse of the Newly Discovered Die Marriage
Reverse of the Newly Discovered Die Marriage