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Sale 8
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Lot 1080
1858 Flying Eagle Cent. Small letters. PCGS graded Proof 64. A very attractive example of this rare issue. High leaf reverse. A light mark above the date and scattered hairlines on the obverse and a contact mark on the reverse above the O in ONE serve to lower the grade out of the gem category. Still, this coin is a stunning example for the grade.
The mintage of 200 given in many catalogs seems is probably the upper range of the real mintage, with 100 being a more appropriate guess. Estimates of survivors based on auction records are a bit too high because of the addition of prooflike examples that were most likely issued in one of the issues of the 1858 Pattern sets (Eliasberg 5/96:609 is but one example). The PCGS population report also gives too generous a number of pieces graded. All 1858 Flying Eagles graded before the early 1990's were lumped into one listing which, when separated, became the Small Letter population. The number extant of no question Small Letter proofs is on the order of a total 75 examples, closer to the rarity of the 1857 issue than the 1858 Large letter.
The present example carries the "High Leaf " reverse, with the leaves by the C & T in CENT long, extending slightly above the base of the letters. This is the same die as used in conjunction with the Large Letter obverse, although in a later die state. Small Letter Proofs come with both "High Leaf" and "Low Leaf" reverses. The examples issued in the pattern sets all used the "Low leaf" reverse designs, which is a redesign made at some point in the middle of the production this year to lower the relief of the reverse die.
The Small Letter design is a redesign made in mid-year and is actually a type unto itself. The most obvious change are the smaller letters, but the eagle is also sports a slight modification. It is possible that this change was made to promote an extended die life, as with the reverse redesign.
Estimated Value $8,000 - 12,000.
Includes Eagle Eye Photo Seal.
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| Realized $12,075 |
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