Lot 1165
1916. PCGS graded Proof 65. CAC Approved PQ. Housed in an Old Green Holder. A hint of light golden tone and boldly struck. Only 600 struck. A satiny gem of the most advantageous order for a Buffalo Nickel collector. Its high degree of smooth satin-like luster pulses beneath pale bands of golden color. Bold strike, as expected, with razor-sharpness at all the usual Achilles' heel places on the design such as the Indian’s hair, braid and feathers, and on the reverse, the bison’s head, horn, shoulder area and tail. Spot-free originality in a Gem Matte Proof 1916 (PCGS # 3993) .
Historic Account: Not surprisingly, given their low mintage, the 1916 Proofs are the rarest of the early period Proof buffalo nickels. Some portion of the 600 pieces coined was almost certainly consigned to oblivion when the Mint ceased sales of Proof coins at the end of this year.
Traditionally, Proof coins were made available for sale in January, suggesting that they may have been the very first coins struck at the Philadelphia Mint each year. Collectors had come to count on this fact and were disappointed when the delivery of Proof coins for 1915 and 1916 was held up without explanation. While the Mint awaited the new models for the dime, quarter dollar and half dollar, it was reluctant to produce any silver pieces of the old types. Delays in adoption of the new models eventually forced production of Barber Dimes and Quarters beginning in the summer, but the Mint still declined to strike Proofs of these pieces dated 1916. Ultimately, the only Proof coins made for sale in 1916 were the cent and five-cent piece.
Estimated Value $3,000 - 3,200.
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| Realized $4,140 |
