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Sale 74
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Lot 1423
1908 $2.50 Indian. NGC graded Proof 66. Only 167 matte proofs were coined. First year of Pratt's Indian head design. Uniform dark matte finish, granular. Only 167 made; according to Charles E. Green (1936), fewer than 100 released, the rest melted January 2, 1909.
According to Charles E. Green (1936) only 167 Proofs were made of this first year of the Bela Lyon Pratt Indian head design. There is substantial proof that not all the 167 pieces were distributed. Some were, as later numismatists surmised, in fact melted on January 2, 1909 after 100 gold Proof sets were assembled. Today, despite a higher mintage, the 1908 appears to be only moderately more available than other dates of matte Proof fives. We estimate that perhaps 40-55 pieces may still exist all grades. This handsome Proof 66 offering has exceptionally smooth, even, deep matte surfaces. There are no shiny areas on the high point, an absence of contact marks, and any hairlines are microscopic. In effect, no detracting post-striking impairments on either side, only pristine surfaces and glorious detail in the sharp devices. The overall surface color on this piece is more of an even light bright golden hue. Exceptional quality and eye appeal.
When Bela Lyon Pratt's new Indian head motif was launched upon the American waters in 1908 using the distinctive recessed relief method, the public was shocked (to put it mildly). Never before in American numismatics had a coin designer broken with tradition in such an overt way as did Pratt. For what Pratt did was to recess the design below the surface of the coin! Forget the fact that his Half Eagles and Quarter Eagles were far more aesthetically challenging than the long-running and dated (but still attractive) Liberty heads they replaced. Unlike his predecessors, Pratt chose to honor a real American Indian for a change, not some cleverly fashioned Greek goddess wearing an incongruous feather bonnet/headdress. And because of this, his design has endured; it has helped to propel American coin design into the World Class league.
As expected, collectors, art "experts" and public figures of the day, almost to a man, found objections to Pratt's imaginative work. Luckily, in the 80+ years since people have changed their opinions and now critically acclaim this advance in coin workmanship. Matte Proof Half Eagles, like the superb piece offered here, have received much attention by collectors over the past fifty years. We expect this trend to continue. Pop 29; 11 finer, 10 in 67, 1 in 68.
Commentary: Matte Proof Gold was struck at the Philadelphia Mint on the mint's hydraulic medal press to insure even flow into the die recesses, and a bold relief. America's sandblast Proofs (often characterized as "Matte" finish in numismatic circles) resulted from some experimentation in 1907 at the mint after it was discovered the earlier mirror-finish with frosted relief quality was impossible to achieve on Saint-Gaudens' new designs for the $10 and $20 issues as well as the Pratt innovative recessed $2.50 and $5 gold coins. Owing to the peculiarity of the design of the new coins, the entire planchet is struck in such a way that the whole surface of the coin loses the brilliant, polished finish so much valued by collectors. The net result was that the coins left the dies with a bright or satiny appearance. The officials at the Mint decided that since they could not make brilliant Proofs, and wanted something distinctive for collectors, they would sandblast the finished coins in 1908 (and a few 1907 samples). One reason the sandblast surface was considered too radical is that it would prevent the Mint from putting any rejects into circulation. The few remaining sandblast or Matte Proofs of 1908 are the crème de la crème of numismatics today, with this resplendent Proof 66 Half Eagle a sterling (or some might argue a "golden") jewel for the sophisticated collector.
Estimated Value $30,000 - 33,000.
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| Realized $39,100 |
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