1892-O 50C Micro O MS(PCGS#6463)

December 2020 U.S. Coins Auction

拍卖行

Stack's Bowers

批号

1370

等级

MS67

价格

865,151

详细说明

Exceedingly Rare Superb Gem 1892-O Micro O Half Dollar The Atwater-Stack-Queller-Miller Specimen CC#2 1892-O Barber Half Dollar. Lawrence-101, FS-501. Micro O. MS-67 (PCGS). CAC. This is the fourth time that we have had the honor of presenting this extraordinary coin at auction, a landmark rarity in the Barber half dollar series. Exceptionally well produced, both the obverse and reverse show needle sharp striking detail over all design elements, including the stars on the obverse and the eagle's left wing and talon on the reverse. Both sides are highly lustrous with an otherwise frosty texture that yields to a modestly prooflike finish in the fields. Iridescent champagne-apricot and powder blue peripheral toning frames pinkish-silver centers -- as pretty as a picture. Expertly preserved with virtually pristine surfaces, there are few circulation strike Barber half dollars, even from the Philadelphia Mint, that come up to this standard in quality. As a New Orleans Mint coin this is an incredible strike and condition rarity, while as an example of the 1892-O Micro O variety it is nearly unique in Superb Gem Mint State. There are few major varieties in the Barber half dollar series of 1892 to 1915, and by far the most significant and eagerly sought is the 1892-O Micro O. Most numismatic scholars accept that this variety was created when a Mint employee inadvertently used an O mintmark punch for a quarter dollar in preparation of a half dollar die. In his groundbreaking work Mint Marks, Augustus G. Heaton commented on this variety: "After a long interval the half dollar was struck in 1892 with new bust and Heraldic Eagle dies. The date is small, and a small O [the regular 1892-O] is directly under the middle of the eagle's tail and over the D. There is one rare variety of this piece with an exceedingly small o, hardly larger than a period." As Heaton's book was published in 1893, the year after this variety was produced, and the 1892-O as an issue was saved in relatively large numbers as a first year issue, one might think that a fair number of Mint State Micro O examples have survived. Nothing could be further from the truth. Given Heaton's description of this variety as "rare" even in 1893, it is likely that very few examples were produced in the first place. And, with very few exceptions, this variety was overlooked by collectors for many decades. Indeed, the numismatic disinterest in this variety is a microcosm of the circulation strike Barber half dollar series as a whole. Even the Guide Bookproved to be a fickle patron of the 1892-O Micro O over the years. While it received a separate listing in early editions, subsequent years saw the Micro O relegated to a footnote, only for it to be recently restored as a separate listing. While the popularity of this variety is firmly entrenched today, decades of indifference have resulted in few survivors. PCGS CoinFactsestimates that fewer than 100 are known, and most are well worn in AG, Good and VG, typical grades for Barber half dollars given that this series circulated extensively. Yet even so, a few numismatists from earlier generations followed Heaton in recognizing and appreciating the rarity of this variety. Edouard Frossard's June 1894 sale of the William M. Friesner Collection included an 1892-O half dollar cataloged as "Microscopic o, Sharp Uncirculated," and Q. David Bowers (2019) also notes that Howard R. Newcomb displayed an example at the 1914 ANS Exhibition. While the Friesner specimen is now untraced, or at very least its provenance chain has been broken, the two finest 1892-O Micro O half dollars known to PCGS made their first auction appearances during the early 20th century. The PCGS/CAC MS-68 Eliasberg-Friend specimen was acquired by John M. Clapp from Lyman Low's July 1903 sale. CC#2 is the Larry H. Miller specimen in PCGS/CAC MS-67 offered here, which traces its provenance back to B. Max Mehl's June 1946 sale of the William Cutler Atwater Collection. The rarity of this incredible Superb Gem is perhaps best illustrated by looking at recent appearances for this variety in our sales. Over the last 15 years we have offered the 1892-O Micro O variety at auction only 18 times, with Mint State coins accounting for just four of those appearances. One was an earlier appearance of this Larry H. Miller specimen, another was an impaired coin in NGC Unc Details--Cleaned, while a PCGS MS-63 and NGC MS-62 round out the list. Another standout among our recent offerings was a PCGS AU-55; otherwise, every other 1892-O Micro O that we've offered since 2005 has graded Fair through VG. Clearly the offering of even a low grade 1892-O Micro O in today's market represents a significant bidding opportunity for Barber half dollar variety enthusiasts. Mint State examples of even marginal quality are exceedingly rare. As with so many offerings from the Larry H. Miller Collection, this Condition Census Superb Gem represents what could very well be a once in a lifetime chance for the advanced collector. We expect spirited competition and very strong bids for this phenomenal rarity. Provenance: From the Larry H. Miller Collection. Earlier ex B. Max Mehl's sale of the William Cutler Atwater Collection, June 1946, lot 581; our (Stack's) sale of the James A. Stack Collection, March 1975, lot 572; our (Stack's) sale of the Queller Family Collection of United States Half Dollars, October 2002 67th Anniversary Sale, lot 723; our (American Numismatic Rarities') William H. LaBelle, Sr. Collection sale, July 2005, lot 1186. PCGS Population: 1; 1 finer (MS-68). CAC Population: 1; 1. PCGS# 6463. NGC ID: 24LH. Click here for certification details from PCGS. Click here to see Coins in Motion. [“Coins]