Lot 1090
1865. PCGS graded Proof 65 Red. A very scarce date and very tough in this grade. The mirrors are good with frosted devices. Graded prior to PCGS giving the "Cameo" designation. Only 500 struck. This is a very difficult date to find in gem full red. Like many other dates in this series, the rarity of the coins struck in Proof format have no relation to the rarity of the regular issues. Non-Proofs are fairly common for this date. Not so for the Proofs. The mintage currently given in references is 500, which may be generous.
This issue is notorious for having low percentage of red. Many of the planchets used for the Proofs were on streaky planchets. When the alloys of Tin and Zinc are not mixed well into the copper, pockets of alloy remain in the bronze ingot. As the ingot is rolled out, these pockets get elongated and eventually turn into streaks on the finished planchets. Tin and Zinc are very volatile and will not hold the original color of the coin. The few 1865's that remain in full red are presumably from a higher quality melt, and are very rare and desirable because of this. Notice the very low census: Pop 8; 1 finer in 66. (PCGS # 2284) Estimated Value $3,000 - 3,500
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| Realized $5,290 |
