Based on recent auction records and dealer bids, values for about 99 percent of all issues and all grades of Flowing Hair, Draped Bust and Capped Bust half dollars have been substantially raised in our recent update of this series.

Our new values were then immediately overshadowed by the results of an auction of a large run of high-grade half dollars from these years by American Numismatic Rarities at the mid-March Baltimore show. About 40 different issues, ranging from Good to Very Fine for the earliest dates, and Extremely Fine to Mint State 65 for the other dates, sold at prices near our new listings, but a large number of them also sold for strong premiums over our values.

The prices show that buyers are hungry for nice early coins with original surfaces, and they're not afraid to pay strong prices to get them. Granted, some of the coins that sold in the ANR auction for high premiums are beautifully toned, which is currently a popular trend with sophisticated buyers. But the auction results of these coins confirm our higher values, especially as dealers usually dominate floor auctions, often representing clients.

A representative of Legend Numismatics reported, "Many veteran dealers who are accustomed to paying top dollar left the room shaking their heads in disbelief as to what some of the coins brought." Can a description of this market be more telling?

As to Coin Values' listings for these half dollars (sometimes called by the generic name "Bust," since each depicts a portrait or bust of Liberty), expect that we will watch for additional confirmations before raising values for this series again anytime soon. However, expect that premium-quality coins will bring prices over our values.

This series is one of those two-tier series in which some buyers go after superb, high-condition coins, and other collectors prefer die varieties – the rarer, the better. For those collecting die varieties, condition isn't as important as rarity. The usual rarity scale used for Bust half dollars ranges from Rarity 1, which is common with more than 1,000 examples known, to Rarity 8, which is unique, or nearly so with one to three examples known.

Variety collectors will often compromise on quality to obtain die varieties they enjoy. Varieties with damage are sometimes all that are available for some of the rare ones. Assembling a high-grade variety collection is often a lifelong pursuit.

Dr. Glenn Peterson, who wrote The Ultimate Guide to Attributing Bust Half Dollars, attended the Jules Reiver Collection auction conducted by Heritage Auction Galleries in January. Reiver specialized in collecting by die varieties and die states in several series, amassing a collection that will probably never be duplicated. Peterson observed, "The Reiver sale showed tremendous [price] increases in the rarest coins [varieties]."

Flowing Hair, Draped Bust and Capped Bust half dollars were minted from 1794 through 1839. Their varieties are distinguished by Overton numbers, named after Al C. Overton who modified an attribution system for these half dollars in the 1960s, from a system developed by M.L. Beistle in 1929. Discoveries of new varieties are most often the reason for modifying attribution systems.