1887 $5, CAM PR(PCGS#88482)

August 2018 ANA U.S. Coins Auction Philadelphia, PA

拍卖行

Stack's Bowers

批号

1286

等级

PR65CAM

价格

985,165

详细说明

Extraordinary Gem Proof 1887 Half Eagle The W. F. Dunham Specimen 1887 Liberty Head Half Eagle. Proof-65 Cameo (PCGS). CAC. The light "orange peel" effect of the brilliant deep honey gold surfaces are beautifully contrasted by the nicely frosted devices on this stunning Gem Proof coin. This combined with the superior razor sharp strike fully validates CAC's affirmation of exceptional eye appeal.1887 has long proven to be a stumbling block for collectors of not only the half eagle but also its bigger sibling, the Proof-only double eagle. In that year the San Francisco Mint was given the duty to strike half eagles for everyday use in commercial channels, while only Proof examples were produced at the main facility in Philadelphia. As was the usual procedure for the times, the entire Proof mintage of 87 pieces was struck early in the year and sold as in prior years. But unlike in earlier years, this tiny production run of Proof examples was not followed by a cursory mintage of regular circulation strikes, usually in an effort to prevent creation of a rarity. The reason for this is unclear, especially since 390,000 half eagles were coined the previous year there. What few Proof coins were produced seemed to have gotten little notice by the numismatic community, since less than half are thought extant. If that were not enough, some of these may have likely been unsold at the Mint and released into circulation, since quite a few are impaired Proofs. With the 1893 release of Augustus Heaton treatise, Mint Marks, attention was quickly paid to this extremely rare issue. To this day, most surviving examples that are not impaired reside around the Choice Proof level, with only a few reaching the vaunted Gem Proof state. The present example is one such coin. When famed dealer B. Max Mehl sold this specimen in his June 1941 sale of the W. F. Dunham Collection, he described lot 2166 as: "Perfect brilliant proof. Only 87 specimens struck in all. Very likely less than half that number now exist, as those which come on the market are invariably coins that have been previously sold in other collections. I know of one specimen which sold at private sale for $500.00 some eleven years ago. The last record in my Hale Sale, $235. This is as beautiful a specimen of this rarity as I have ever seen. It has some wire edge on obverse. One of our really rare Half Eagles." With no finer examples reported at either of the major certification services, Mehl's description remains as accurate today as it was then. Always in very short supply but in constant demand by date collectors as well as advanced students of nineteenth century Proof gold coins, the opportunity to secure not only a shimmering example of the issue is almost as fleeting. For a coin solidly at the pinnacle for the issue and with an excellent provenance, this is especially true. An opportunity not to be missed. Provenance: From B. Max Mehl's June 1941 sale of the W. F. Dunham Collection, lot 2166. Lot tag included. PCGS Population: 2; 0 finer in this category. PCGS# 88482. NGC ID: 28CR. Click here for certification details from PCGS.