Lot 1115
1875. PCGS graded Proof 65 Red. Even, deep cherry-red to warm golden patina covers each side of this extraordinary Gem Proof. Deeply mirrored as well with no evidence of contact on either side. Devices lightly frosted. This is a year where the production of Proofs was not given the quality control seen in other years. Every denomination in the Proof set is hard to find in the higher grades due to this lack of quality standards. For years they were unknown in PR65RD. A few are now known, such as this beautiful example, some even postulating it is perhaps because the grading services lowered their expectations due to the quality of extent examples. Very scarce, as are most pre-1880 dates in this grade. Pop 12; 2 finer in 66. (PCGS # 2314)
Forgotten now, the lowly Indian cent increased in purchasing power throughout this decade. In fact, there was a "broad drop in prices" following the end of the American Civil War (1861-65). From 1866-1879, prices (and wages) declined steadily. This can be attributed partly to the withdrawal of a large portion of the paper money (the greenbacks) which had been issued to finance the Civil War (official name, War of the Rebellion). While greenbacks were accepted in most of the country, in California (which had a pro-gold sentiment from the Gold Rush '49ers) there was active civil disobedience. People refused to obey the legal tender law, which the authorities found unenforceable. If you tried to pay in greenbacks, people would boycott you and drive you out of business. So California remained on the gold standard through the war. Prices did not decline there from 1866-1879 but did most everywhere else in the country. Due to increased industrial productivity, even though wages were in a slow decline in this period, the overall wealth of the individual increased steadily as new consumer goods come onto the market at affordable prices. Estimated Value $3,000 - 3,300
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| Realized $3,680 |
