1792 Half Disme Value & Price Guide
In the basement of a saw maker's shop in Philadelphia, sometime around July 1792, the first coins were struck under the authority of the United States government. They were half dismes (pronounced "half deems"), tiny silver coins worth five cents. George Washington himself may have supplied the silver from his own household plate. The obverse shows a bust of Liberty; the reverse features an eagle. About 1,500 were made. They are among the most historically important coins in American numismatics.
The 1792 Half Disme bridges the gap between colonial money and the United States Mint. It was struck before the Mint building was even completed. Values range from $30,000 for heavily worn examples to over $1.3 million for the finest known specimen.
Quick Value Summary
| Detail | Info |
|---|---|
| Item | 1792 Half Disme |
| Year | 1792 |
| Composition | Silver |
| Denomination | Half Disme (5 cents) |
| Mintage | ~1,500 |
| Category | Coins |
| AG-G (About Good to Good) | $30,000 - $60,000 |
| VF (Very Fine) | $80,000 - $150,000 |
| AU (About Uncirculated) | $200,000 - $400,000 |
| MS (Mint State) | $500,000 - $1,300,000+ |
| Record Sale | $1,322,500 (PCGS MS68, Heritage Auctions) |
| Rarity | Extremely Rare (~200-250 known) |
The Story
The Coinage Act of April 2, 1792, authorized the establishment of a United States Mint and specified the denominations of US currency. But the Mint building in Philadelphia wasn't ready. Secretary of State Thomas Jefferson and President Washington wanted coins in circulation as soon as possible, so they arranged to have about 1,500 half dismes struck using equipment housed in the cellar of John Harper, a saw maker, at Sixth and Cherry Streets.
Washington mentioned these coins in his November 1792 address to Congress: "There has been a small beginning in the coinage of half-dismes, the want of small coins in circulation calling the first attention to them." This quote confirms the government's role and Washington's direct awareness of the coinage.
The legend persists that Washington provided his own silverware to be melted down for the coins. While this can't be confirmed with absolute certainty, the story has been told since at least 1844, when Mint Director Robert Patterson first recorded it. Whether or not Washington's silver is in these coins, his fingerprints are on their existence.
About 200-250 examples survive today, many in circulated condition. These coins were actually used as money, passed hand to hand in the young Republic. Finding one with significant detail remaining is increasingly difficult.
How to Identify It
Obverse: Bust of Liberty facing left, with "LIB.PAR. OF SCIENCE & INDUSTRY" (note: some sources describe this differently; the actual legend reads "LIB." above and the date 1792 below).
Reverse: Eagle with spread wings, "UNI. STATES OF AMERICA" around the border, and "HALF DISME" below.
Size: Approximately 17.5mm in diameter. Very small, roughly the size of a modern US dime.
Weight: Approximately 1.2 grams of silver.
Edge: Reeded (grooved) edge.
Die varieties: Several obverse and reverse die combinations have been identified. Some varieties are rarer than others, affecting value among advanced collectors.
Value by Condition
AG-G (About Good to Good): $30,000 - $60,000 Design visible but heavily worn. Date and major features identifiable. These are coins that circulated for years, perhaps decades.
VG-F (Very Good to Fine): $60,000 - $100,000 Moderate wear. Major details clear. Liberty's hair and the eagle's feathers show but are not sharp.
VF (Very Fine): $100,000 - $175,000 Light to moderate wear on high points. A well-detailed, attractive coin. Much of the original design sharpness remains.
XF-AU (Extremely Fine to About Uncirculated): $175,000 - $400,000 Minimal wear. Nearly all detail present. Some original luster may be visible in protected areas. These coins saw little or no actual circulation.
MS (Mint State): $500,000 - $1,300,000+ No wear. Full original luster. Exceptional for a coin struck in a makeshift facility over 230 years ago. The PCGS MS68 example that sold for $1,322,500 is a freakishly well-preserved coin.
Known Variations
Die combinations: Multiple obverse and reverse die pairs have been identified. The standard reference is by Judd and Pollock (United States Pattern Coins).
1792 Disme (full disme): A separate denomination, larger and rarer. Only about 15-20 are known. Worth $500,000-$2,000,000+. Don't confuse with the half disme.
Copper patterns: A small number of half dismes were struck in copper rather than silver. These are pattern pieces and are extremely valuable ($100,000+).
Authentication and Fakes
Counterfeits are a serious concern at these values. Cast copies, struck copies using transfer dies, and electrotype copies all exist.
Weight test: Silver half dismes should weigh approximately 1.2 grams. Base metal fakes will weigh differently.
Die diagnostics: Genuine examples show specific die characteristics (cracks, polish lines, etc.) documented by researchers. Authentication services compare these diagnostics.
PCGS and NGC certification is mandatory. At $30,000+, no serious buyer will purchase a raw example. Both services have extensive die studies for this issue.
Where to Sell
Heritage Auctions: Best results for early American coinage. Their buyer pool for pre-Mint and early federal coins is unmatched.
Stack's Bowers: Equally strong for early American numismatics.
Private treaty through major dealers: For coins valued above $200,000, private sales through established dealers can sometimes yield better net results.
Expected costs for a VF sale (~$125,000): PCGS/NGC certification: $200+. Insured shipping: $300-$500. Auction commission: 10-15%. Net to seller: $100,000-$112,000.
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