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Sale 7
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Lot 683
1869 $2.50 Liberty. NGC graded Proof 63. A choice example of this extremely rare coin in Proof. The surfaces show minor handling marks when scrutinized with a glass in the delicate mirror fields. The diagnostic line by the L of LIBERTY is present, and the reverse shows several raised die lines from the polishing process used to create the mirror reflectivity. The coin has a cloudy toned appearance (as seen on the Garrett example), which softens the glaring mirror fields, and produces a special appeal in the surfaces. The reverse die has several die file marks, which are seen on regular issue coins, so it is possible that this is a regular issue, and not a proof. If that is the case, then the coin would actually be worth more. The date logotype punch is high, with the 1 nearly touching the truncation, diagnostic to regular issues, while the proof date logotype is supposed to be low in the die. Perhaps only a single pair of dies was used for both proofs and regular issue coins. Either way, this is a beautiful example of the date. Mintage for business strikes, just 4,320.
It is remarkable that only 25 were struck in Proof, of those a few entered circulation, but most were probably saved. The combined NGC and PCGS Population Reports show that 30 coins have been graded, obviously some crossovers and resubmittals are included. We point this out to show how over time the Population Reports are becoming less and less reliable. Many coins that are close to a higher grade are sent in several times in hopes of achieving the higher grade, and hence more value. It is apparent that a few Proof 64 pieces have been sent in multiple times to hope to achieve the coveted Proof 65 grade, for instance, NGC has graded 12 in Proof 64, and PCGS has graded 8 coins in that grade. Each service, however, have only graded a single coin in Proof 65.
We feel that a coin like this represents an excellent value in todays market. The moderate handling marks keep it from being submitted countless times for a possible upgrade, and any true collector would take great pride in owning a proof gold coin that boasts a mintage of 25 pieces. The year 1869 is filled with history, a couple of high rollers, Mr. Gould and Fisk, tried to corner the gold market, and nearly succeeded by buying up all the available supply. It wasn't until their "friend" and helper in the gold market corner, then President Grant, bowed to public outcry and released enough gold from the United States Treasury holdings to collapse the gold market back to normal levels. Gold coins returned to circulation, and Gould and Fisk lost their shirts. Such were the times, and this small coin is an excellent reminder of our rich heritage.
Estimated Value $6,000 - 6,500.
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| Realized $6,038 |
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