The 1797 Draped Bust half dollar was minted at a time when the U.S. Mint was still in its infancy, producing small quantities of silver coins for circulation. The coin’s obverse features 15 stars, representing the 15 states in the Union after Kentucky's admission. It is part of the Draped Bust, Small Eagle series, which was produced for only two years (1796 and 1797), making these coins extremely rare. Surviving examples are scarce, especially in higher grades, and the 1797 issue is particularly sought after by collectors of early American silver coins.

The value of the 1797 Draped Bust half dollar varies dramatically depending on its condition. Even heavily worn examples command significant premiums due to their rarity, often fetching tens of thousands of dollars. Mint State examples are exceedingly rare and can sell for over a million dollars. The finest known specimens, such as the Pogue Collection coin (graded MS-66 by PCGS), have set auction records, making the 1797 Draped Bust half dollar one of the most valuable coins in U.S. history.