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Sale 34
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Lot 543
1867 Shield Nickel. Rays. PCGS graded Proof 64 Cameo PQ. Well struck untoned "original" Proof that has pleasing cameo frosted devices and especially deep mirrors in the fields. Almost free of spots. Pop 4; 2 in 65 Cam; 3 in 66 Cam. This outstanding specimen is of one of the most illustrious of all nineteenth century American Proof rarities, one that is in the same class with the 1864-L Proof Cent, the 1864 Small Motto Two-cent Piece, and, to a lesser degree, the 1884 and 1885 Proof Trade Dollars.
Walter Breen, in his Encyclopedia of United Stated and Colonial Proof Coins, notes that 25 or so specimens were minted in Proof condition. although Proof sets were distributed on various occasions throughout the year 1867, Breen argues that the with-rays Nickels were included only on one occasion. In Breen's words, "Now known to have been issued only with the initial or February 5, 1867 delivery of silver Proofs, with possibly at most a few more in minor Proof sets at that time. Exceedingly rare, not over about a dozen survivors traceable ."
Breen specifically enumerates seven examples he had examined plus a few other listings and notes that "at least two have been poorly cleaned." This is still close to the graded population by the main top-tier grading services, even after 18 years (the Breen encyclopedia was published in 1988), although a few specialists in the series suggest as many as 65 Proofs may exist in all grades, primarily those struck from die 2 (about 50 are certified as of 12/05). The present example is clearly one of the freshest known of the extremely rare "original" group and merits the Choice Cameo Proof designation with a "premium quality" title appended to reinforce its importance. A marvelous coin for the specialist (PCGS # 83818) .
It is generally believed that only 25 proofs were struck of the With Rays type in 1867. However, recent research shows that two dies were actually used to strike this limited emission, a very small number from Die One and a larger (but unknown) number from Die Two. Research published in 2003 by John Dannreuther makes a convincing case for just this scenario. Both originals and restrikes (or second strikings) share a common reverse, but the obverse dies are noticeably different once the diagnostics are pointed out. There are eight diagnostics that J.D. has listed for the Obverse One, State One coins: 1) left base of 1 over right part of dentil, 7 recut, lower shield clear, full "detached" leaf; 2) area below right arrow shaft directly behind the arrowhead clear; 3) upper top left of shield to nearest leaf has small polish lines; 4) tiny die line through two leaves below the "detached" leaf continuing into the leaf below; 5) die line from 7th horizontal stripe angling down through several stripes; curly die line from 10th horizontal stripe down through left side of shield ending in the circle; 6) strong inner left bar to W in WE; 7) inner right berries recut with tiny polish line from the lower berry to the adjacent leaf; and 8) "detached" lower right part of the left arrow feather. This particular coin matches all these criteria, thus making it one of the very rare (probably 10 known) original strikings.
Estimated Value $65,000 - 70,000.
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| Realized $69,000 |
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