Lot 1854
1893. NGC graded Proof 68 Ultra Cameo. Lovely rich golden toning. Only 77 minted. A spectacular 1893-dated Liberty Five. The Jeff Garrett and Ron Guth researchers mention in their Encyclopedia of U.S. Gold Coins, 1795-1933, "the major grading services combined have graded more pieces than were minted," suggesting a rather sizeable number of resubmissions. From this mintage, the authors suggest that the "true rarity [read: population] of the 1893 Half Eagle is just 25 to 30 coins." Their auction records seem to support this assertion, having traced very few reported sales over the last 15 or 20 years.
That said, this is an incredible and beautiful and rare survivor from an absolutely rare production, as the 25 or so known examples represent a scanty figure by any measure. By far, it is the Finest Reported, and presumably, the Finest Known. Our present offering ranks at the very pinnacle of this census, a post it shares with no other representative. Even a casual glance at this piece confirms the grade, more than ever when one examines the surfaces, fine details and mirror fields. Fully brilliant and deeply mirrored, the fields offer a wonderful orange-peel effect that lends an exquisite allure to this fantastic Gem. Deeply entrenched within a marvelous orange-gold patina, we note devices and legends possessed of razor-sharp definition, crisp golden frost. No impediments can be found on either sides, which confirms the accuracy. Pop 1; none finer at NGC .
How does the lovely Orange Peel finish on gold Proofs arise? After the dies are hubbed and the date is applied, the die is given multiple polishes with progressively finer and finer polish. The last polish given to the dies prior to being hardened gives the field a surface quite like a mirror. This is the deepest mirror attainable on the dies. When the die is hardened, the metal shrinks slightly creating a wavy effect on the polished surfaces. It looks somewhat like the surface of an orange. When you see orange peel on a Proof issue you can be sure that it is one of the first examples struck from those dies. Later polishing to the already hardened dies will produce a flatter and shallower mirror.
Estimated Value $90,000 - 100,000.
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| Realized $111,625 |
