1964 50C SMS SP(PCGS#6844)

August 2019 ANA U.S. Coins Auction Rosemont, IL

拍卖行

Stack's Bowers

批号

5231

等级

SP68

价格

1,101,127

详细说明

Rare and Intriguing 1964 SMS Kennedy Half Dollar Among the Finest Known to PCGS 1964 Kennedy Half Dollar. SMS. Specimen-68 (PCGS). Stunningly rich and original velvety smooth surfaces are blessed with an almost brushed nickel gray color that serves to accentuate the bold strike and strongly incised features of the design, all of which serve to make these very special coins stand out from even Proof 1964 Kennedy half dollars. The reverse is ever so slightly lighter in color, but no less bold with only the barest hint of a light golden hue along the diagnostic squared off wire rim. Thoroughly impressive and enchanting in every regard and a true wonder to behold. The decision to commemorate President John F. Kennedy on a circulating coin came very quickly after his tragic death. Only a few days after his assassination, discussions had already started about which denomination to use and the design. By November 27, Director of the Mint Eva Adams contacted Chief Engraver Gilroy Roberts at the Philadelphia Mint instructing him to prepare models for a circulating half dollar. Taken with consideration and advice from Jacqueline Kennedy, the selected design was based on the official inaugural medal produced by the Medallic Art Company with a left-facing profile bust on the obverse and the Presidential Seal for the reverse. The new coin was planned to be introduced in 1964, replacing the Franklin half dollar design outright. To meet the very short deadline, Roberts took on the obverse model while he instructed Assistant Engraver Frank Gasparro to tackle the reverse design. On December 13 -- scarcely three weeks after Kennedy's death -- trial strikes were prepared and shown to Mrs. Kennedy and Kennedy's brother, U.S. Attorney General Robert F. Kennedy, for their comments and approval. After some suggested revisions, the design was approved and went into production. In the meantime, Congress quickly debated and passed the Act of December 30, 1963 allowing for the coin to be put into production, getting around the earlier restriction that coin designs could only be changed after a minimum of 25 years in production. Proof coins rolled off the presses in early January 1964, followed on January 30 by the beginning of production of circulation strikes at Denver, then a week later at Philadelphia. By March 24, the coins were officially released to the public and were an immediate success. In the end, some 273,304,004 of the new half dollars were struck at Philadelphia, 156,205,446 at Denver, plus an additional 3,950,762 Proof coins at the former facility. In among these regular circulation and Proof strikes are roughly a dozen mysterious specimen strike examples for which there is little confirmed information regarding their production. These specimen half dollars have a distinctively bold strike and finish that clearly sets them apart from circulation strikes and Proof coins and even the later regular issue SMS sets from 1965 through 1967. The strike is strong with crisp definition with a squared off wire rim, while the surfaces do not bear the deep mirror-like fields of Proof coins. The fields also show clear evidence of extensive die preparation work for these special strikes, notably some clearly discernible die polishing lines on the reverse connecting the bottom tip of the lower crossbar of the F in OF to the A in AMERICA and another prominent polishing line leading from the tip of the lower crossbar of the F in HALF extending all the way to the rim just near the D in DOLLAR. One of the key diagnostic die markers is on the obverse in the form of the "Dangling 4": a small but clearly defined protrusion/defect hanging from the tip of the right crossbar in the 4 in the date. These dies appear to have been specially produced just for these coins and used nowhere else. Only one confirmed 1964 SMS half dollar lacks the "Dangling 4" marker. The first of these coins appeared as lot 591 in our (Stack's) June 1991 sale in a coin set that included the cent, nickel, dime, and quarter, all with the same distinctive finish: AN UNUSUAL 1964 'P' SET 1964'P' Cent through Half Dollar. Choice Brilliant Uncirculated. Nearly all show evidence of die refinishing at the mint. The 1c is red gold with planchet striations on the obverse, the reverse fully struck up. The 5c has pastel iridescence and a mirror rim like a 1941 coin. The 10c has light russet toning on a satiny surface with faint striations. The 25c has normal lustre under gold toning. The 50c has a fully satiny obverse and a somewhat reflective surface. The strike on all the coins is far sharper than is seen even on the Special Mint Sets. We suspect that these were struck as an experiment to determine the sort of finish the Mint would use from 1965 to 1967. 5 pieces. It is not known for certain that these were indeed experimental coins produced to work out the finish for the future Special Mint Sets or quite what their purpose may have been. Two months after the first set appeared for sale, Adams died on August 23, 1991. The most likely explanation so far offered as to their origin is that the coins were probably produced for Director Adams, who may have intended them to be distributed them as gifts or she opted to keep them for herself. The coins were then sold by her family (or possibly another Mint employee) through New York coin dealer Lester Merkin towards the end of her life. Merkin himself died in June of 1992 and any remaining sets in his estate were also sold over the next couple of years. Between 1991 and 1995, nine such sets were offered in Stack's sales, none of which in any form of Mint packaging (in fact, the discovery set came in a nondescript aftermarket plastic holder). In all, about a dozen such specially produced 1964 half dollars have so far been traced, making them the rarest purpose-made non-error issue of the entire Kennedy series and among the most puzzling and challenging of all modern US coins. Sale of these coins are equally fleeting, with the coins almost invariably ending up in tightly held collections. Here is one such event to add a truly historic coin to an advanced collection of twentieth century coins. As with high-grade rarities of any vintage, the certified grading population is an essential detail to be considered when arriving at any estimate of value. This being the case, it is important to note here that this piece was previously in an NGC Specimen-69 holder and was recently regraded by PCGS, at our consignor's request, to Specimen-68. At the time of writing, this is the only Specimen-69 in the NGC database. We do not know of the NGC record will have been removed from their database by the time this catalog is printed, so fo rthe benifit of future owners, the NGC certification number on this coin was: 1727946-029. PCGS Population: just 5; with a single Specimen-69 finer. PCGS# 6844. NGC ID: 27WH. Click here for certification details from PCGS.