• BARBER $1/2 SLEEPERS

        BARBER $1/2 SLEEPERS

        By Frank Colletti

        April 25, 2010

         
        It is difficult to make a list of Barber half dollar sleepers. The simple reason is that most of the series is still asleep. Walking Liberty half dollars, Bust half dollars, even Seated half dollars have woken up. But the Barber half dollar? Nah, still asleep. I say this even though the prices for the series have risen nicely over the past ten years, in 2003 I would have said: ‘a common date will cost $7.50 in good; $72.00 in very fine; $265 in almost uncirculated; and $475 to $500 in uncirculated.’ Today the statement would be: ‘If you merely want a type piece, as an example for your collection, a common date will cost $14 in good; $100 in very fine; $400 in almost uncirculated; and $550 in uncirculated.’
        Although each grade has increased nicely, the better dates have also budged. In 2003: ‘In good condition the full set will set you back nearly $1,274.50! Remember, these are large silver coins and, besides the silver dollar, are very popular collectibles. In very fine condition the cost of the set multiples to $9,100.50 and in uncirculated it leaps like Superman to $65,755.’
        Today: ‘In good condition the full set will set you back nearly $2,839.00! Remember, these are large silver coins and, besides the silver dollar, are popular collectibles. In very fine condition the cost of the set multiples to $14,860 and in uncirculated it leaps like Superman to $70,250.’
        The important dates, what we naturally refer to as ‘key dates’ have moved nicely. Lets do a little comparison in G-4 condition:
        Date 2003 2010
        1892 O $120 $300
        1892 S $110 $250
        1893 S $80 $175
        1897 O $55 $125
        1897 S $95 $110
        1913 $19 $85
        1914 $30 $200
        1915 $21 $135

        Remember, this is for 2003, when the series finally started to move after the market explosion form the start of the States quarters series that started the market movement in 1999. As you can see, there has been some nice movement in prices to these dates. However, remember that a half a dollar was a lot of money back then, in fact it was nice money in the 1950's, and you could buy feast of candy enough for a nice candy-high for a week in the late 1950s. But in the early 20th century it could have been a day’s pay, and not many folks could afford to even consider saving a half a dollar at that time.

        The available number of coins was certainly effected by the great silver melt that occurred during the silver price explosion of 1979 to 1980, when at $50 an ounce anything that wasn’t a better date was surely melted. We find the same thing today, and I have rescued a number of Barber coins from the melting pot during the last year. So, unpopular design (read: unattractive style designed by an ungifted designer: Charles Barber) and a limited supply, yields: a great possibility for future appreciation in value.


        So, we’ve looked at the usual dates, the key and semi-keys that everyone knows about, what about other dates? Easy, but this will take a moment, lets start at the easier ones to identify (we’ll just use the values at G-4 for comparison):
        Date Mintage 2003 2009
        1904 S 553,038 $14 $40
        1905 P 662,727 $9 $25
        1905 O 505,000 $10 $30
        1909 O 925,400 $8 $17
        1910 418,551 $8 $22
        1911D 695,000 $6 $14
        1913D 534,000 $6 $20
        1913S 604,000 $6 $25

        Here we have eight dates and mints that all have mintages under one million. Each one was valued at or a little above a common date in 2003, when a common date was $6 in good condition. Today a common date is valued at $14, so the increase in value for most of the dates is not as much as it may appear at first glance. In fact, one date, the 1911 D is still priced at a common date with a value of only $14, that and a mintage of only 695,000. Doesn’t that seem like a place where there is a lot of potential value for a very small price?

        It is well known that the Barber series (all three of them: dimes, quarters and half dollars) are not the designs from a gifted individual and that is probably the reason why the sets are not far more popular today. However, it is apparent that any increase in interest by even a small number of new collectors will cause the set to increase in value. In fact, the key dates have already increased nicely, yet, I feel that they still have a lot of room for growth.

        Consider, the 1916 D ‘Mercury’ dime. It had a mintage of 264,000, yet is valued at $1,000 in Good condition. The 1913, 1914 and 1915 half dollars all have mintages that are a fraction of that total. The 1913 is only 61 percent of the 1916 D’s mintage but it is also 8.5% of the cost.
        The 1914 is 47 percent of the mintage, and 20 percent of the cost. While the 1915 is 52 percent of the mintage, and 13.5 percent of the cost. Is this the least bit logical? Perhaps, we must admit that the ‘Mercury’ or ‘Winged Liberty’ set is far more popular as a collection, however, should there be this big a disparity? Not in my opinion.

        It seems obvious that with a little bit of promotion this great series of only 75 pieces is due for a nice movement in value. Sure, it has moved already, but any kind of promotion by the TV folks may cause it to explode in value. In the interim, we have the advantage that, while we may not be getting in on the ‘ground floor’ it does seem that we can still get on about the second floor, in a building that is a skyscraper. The downward movement is very limited, but the upside potential is great. So, if you have never considered this series, take a little time and do your homework, you’ll be glad that you did.