The Economy Hoard of 1878 and Early U.S. Half Dollars, From a Numismatic News Column
In an August 25, 2026 column, Numismatic News looked back at a hoard unearthed in 1878 in Economy, Pennsylvania, and attributed to the Harmony Society, a group that followed the teaching of George Rapp. It contained some 115,000 coins, most of them half dollars dated before 1836. The column also listed prices for the 1805 half dollar and its 1805/4 overdate.
Correction (Oct 13, 2026): We corrected the headline, summary and body to match the source. We fixed the description of the 1794 half dollars as "Liberty Head" coins, stopped presenting figures and the hoard's attribution that the source gives as reported or supposed as settled fact, and corrected a passage in the English version that described listed prices as sale results ("sold for"); we also removed unsupported claims about the hoard forming the "supply backbone" of graded coin markets and shaping "current market premiums," and an investment recommendation. The previous headline was "The Harmony Hoard: 115,000 Half Dollars Reveal Why Early U.S. Silver Dominated 1830s Economy."
This article is based on an "Item of the Week" column published by Numismatic News on August 25, 2026. The hoard it describes was unearthed in 1878; it is not a recent find.
The Harmony Society in Economy, Pa.
The story is set in the town of Economy, Pennsylvania, in the early 1800s. A group there known as the Harmony Society followed the spiritual teaching of George Rapp, a German immigrant. Its members had emigrated to America to escape persecution.
In 1878 a large hoard attributed to the society was unearthed. No coin in it was dated after 1836. The column notes that there are many theories about the society's holdings and few facts.
Why Half Dollars
According to the column, the half dollar was the largest silver coin regularly found in circulation in the first four decades of the 1800s. A few silver dollars had been made before their suspension in 1804, but very few were circulating. Anyone in 1830s Economy who wanted large silver coins had to settle for half dollars, the column says.
What the Hoard Held
The hoard contained some 115,000 coins, most of them half dollars dated before 1836. The column gives the following figures, which it describes as reported or supposed numbers:
- 150 1794 Flowing Hair half dollars, a significant percentage of the total known today - 650 1795 Flowing Hair half dollars - Only three Draped Bust, small eagle half dollars of 1796 and 1797 - A few thousand of the Draped Bust type - 111,356 Capped Bust half dollars of 1808 to 1836
The column says the large number of Capped Bust pieces is a major reason such coins are relatively available today. Among the other coins, the most important were a 1794 Flowing Hair silver dollar and 400 quarters dated from 1818 to 1828.
The column calls the question of why the coins were hidden for so many years a burning one.
The 1805 Half Dollar and the 1805/4 Overdate
The 1805 half dollar was in the hoard in modest numbers. The mintage was 211,722. That is a small mintage today, but in 1805 it was significant. Silver dollar production had been suspended the year before, so in 1805 the half dollar was the largest U.S. silver coin in active production.
Some of the 1805 production was an overdate, the 1805/4. Only 25 were believed to be in the hoard.
The column, as of August 25, 2026, listed these prices:
- G-4: regular 1805 $220; 1805/4 $375 - XF-40: regular 1805 $4,200; 1805/4 $5,000 - AU-50: regular 1805 $4,700; 1805/4 $6,000 - MS-60: 1805/4 $30,000 (the source prints the regular-date price as "$22,00", so the correct figure cannot be confirmed)
The column says the price gap between the two widens in the upper grades. It ends by noting that any 1805, regular or overdate, has a possible connection to the hoard found in Economy.
Source: Numismatic News, "Item of the Week: Harmony coin hoard left half dollar legacy" (August 25, 2026).
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