Lot 1340
1876 Twenty Cents. NGC graded Proof 68. The coin is encased in NGC holder 1727945-047. Spectacular blending of violet and turquoise on both sides. Only 1,260 proofs minted. This coin is tied for finest-known honors for the issue, and it is easily one of the most breathtakingly beautiful Proof Twenty-cent pieces of any issue you will ever bid to own. Both sides are richly endowed in tone with layers of olive-charcoal, lavender-charcoal and pinkish-apricot colors. Pinpoint striking definition has touched all elements of the design, as one should expect for the Proof production methods, some of the finest ever achieved. The level of surface preservation is truly top-notch as we are unable to locate even a single grade-limiting compromise to the 68 quality. Uniformly brilliant in mint finish, and eagerly anticipating inclusion in the finest collection or rare coin portfolio of rare U.S. coins.
The Philadelphia Mint delivered 1,260 proof Twenty-cent pieces in 1876 -- the second-highest delivery in this short-lived specimen series. The low-mintage, elusive nature of the business strike '76-P explains why this Proof enjoys such strong demand among both date and type buyers. It is one of several unusual denominations produced by the United States during the 19th century. It is also one of the shortest-lived series in numismatics. Although the government had tinkered with the idea of issuing a coin of this denomination as early as 1791, the proposal that actually brought forth a Twenty-cent piece did not originate until 1874. Senator John Percival Jones (R.-Nev) introduced a bill for coinage of this denomination. In it, his proposal may have been borne out of the realization that the lack of small change in the Western United States resulted in citizens being short-changed whenever they purchased a ten-cent item using a quarter dollar or "two bits" as it was nicknamed. Minor coins (cents and nickels) would not be produced in any mint other than Philadelphia until the early 20th century, and the half dime was rapidly disappearing from circulation after its abolition through the Mint Act of February 12, 1873. While Jones' proposal may have been altruistic, we suspect an underlying motive may have been to provide another reason for the federal government to purchase silver from western mine owners. (Jones' home state of Nevada was the site of the rich Comstock Lode and, even today, the state is known by the nickname of "The Silver State.")
Regardless of why Jones' proposed the Twenty-cent piece, the denomination proved an utter failure in commercial channels. Much like the Susan B. Anthony Dollar of today, the Twenty-cent piece in its day was similar in size to the quarter. It was easily confused with that coin in circulation. To aggravate the matter, it bore a design that was very similar to its contemporary, the seated quarter. The denomination was produced for circulation in only two years, and a further two years of Proof-only deliveries sufficed before the denomination passed into history. Pop 3; none finer at NGC. (PCGS # 5304) .
Estimated Value $40,000 - 50,000.
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