Lot 2316

Lettered edge. The obverse has 33 reversed P's punched in the surface while the reverse has the word "Pla tina" engraved above the eagle. Somewhat weakly defined, due to the nature of this metal. Minor surface scrapes are noted at upper left obverse.

This coin is incredibly important, not only as a pattern (as described below), but as an exceedinly rare platinum striking, this being a metal not generally seen in American pattern or other coinage. Moreover, it is an incredible classic, with a pedigree string dating back for more than a century. This was a highlight in the Logan Collection and will be a focal point for the fortunate buyer. This may, indeed, be a once in a lifetime opportunity.

In the 1974 Pine Tree auction of this example, Walter Breen correctly noted that this is the only authentic platinum coin of the U.S. (this was prior to modern bullion issues in that metal). Others have speculated that this issue was a restrike of later years. More information is provided in the notes below. In that catalogue, note was also given that the source of this platinum was from the Ural Mountains of Russia, however, we believe it may actually have been from South America.

Regarding this issue, numismatic researcher Saul Teichman made the following comments:

"It is really the only pattern/experimental piece still in existance for the time period between 1794-1836 ! Everything else with the exception of the 1795-1797 copper die trials is a private restrike or in the case of the 1831 silver quarter eagle - a mint error. I am still trying to figure out when the 1804 silver restrike eagles were made."

Weight: 344.7 grains. Specific gravity: 20.9. Diameter: 32.6 mm.

Intermediate die state, however, slightly earlier than the example of O-107 in the next lot. Obverse clash marks are weak. Die chips are visible at star 1, under the second 1 of the date, and inside the right angle of N on the reverse. However, the die chip on Liberty's nose as seen in the next lot is clearly absent here, thus proving that this Platinum half dollar was struck prior to some normal silver examples from this same die combination. We do not hesitate to suggest that this 1814 half dollar in Platinum was struck at the first U.S. Mint at the same time as the regular issue coins, almost certainly in 1814. As the Mint did not record any half dollar production in 1815 (all 1815 half dollars were delivered in January 1816) and there were no additional half dollars produced in 1816, we conclude that the entire production of 1814 dated half dollars probably actually occurred in 1814.

For those who remain skeptical about the attribution of this Platinum half dollar as a contemporary issue of the United States Mint, we direct your attention to the physical edge of the coin. We have already discussed in these pages the research of Ivan Leaman and Donald Gunnet involving edges of Capped Bust half dollars and the development of an emission sequence. For the half dollars of 1814, they noted that the emission sequence for this variety and the two adjacent varieties was O-108, then O-107, and finally O-105. Examination of the edges of these three varieties in the Logan Collection struck in silver (two examples of each), reveals that each was struck from the same physical edge die with a clear die state progression. Each illustrates varying degrees of an edge die break within the word CENTS. This progression is clear enough on these coins that our examination perfectly coincides with the emission order conclusions of Leaman and Gunnet. This platinum pattern was struck from the same edge as these other coins with this example fitting nicely in the sequence of edge deterioration at the first United States Mint. Had these platinum half dollars been struck at a later date as some had suggested, the other impressions would also have been struck at the same later date. We can only conclude that this platinum half dollar pattern was struck at the United States Mint in 1814.

Struck from dies of 1814 Overton-107 and with the identical edge device of O-107. Until recent years and the production of modern bullion-related coinage in platinum, this pattern issue was the only platinum coin produced by the United States Mint. Dr. Judd was uncertain whether these were actually struck in 1814, or at some later date. Andrew Pollock recorded just two known examples of this pattern issue, the other in the Smithsonian Institution, used as the plate coin for his reference. A third example was recorded by Don Taxay as the property of Nick Parker (who at one time was an American dealer with an office in London); however, we have no information concerning this piece and cannot report regarding it.

This pattern issue is generally considered to be an actual production of the United States Mint in or circa 1814, rather than a later restrike. Known at least as early as 1860, and described by James Ross Snowden in A Description of Ancient and Modern Coins in the Cabinet of the United States. Snowden, however, described this for the year 1815 rather than 1814. Also described by R. Coulton Davis in his series on pattern coins appearing in The Coin Collector's Journal, issues from July 1885 to January 1887.

This is one of very few contemporary pattern coinage issues of the first United States Mint and one of just two half dollar patterns listed by Andrew Pollock as being contemporary to the date on the coin. Further, this is the only example of this pattern issue in collector's hands unless the aforementioned Nick Parker coin is located. By default, this is the only platinum pattern coin available to collectors!

An extensive discussion of this metal appeared in the 1911 edition of the Encyclopedia Britanica (Eleventh edition). Platinum derived its name from "platina" taken after the Spanish "plata" for silver. Although it may have been known long before, platinum was introduced from South America to Europe in 1748 by a Spaniard who traveled to Peru with a French scientific expedition. The name, as introduced by Antonio de Ulloa y Garcia de La Torre, was Platina del Pinto. English physcist Sir William Watson first described this as a new metal in 1750, after receiving a small quantity almost a decade earlier. Platinum was discovered in Russia in 1819 and in later years, the metal was found in various other locations including the United States. By the start of the 20th century, Russia produced 95% of the world's platinum. The pure form of platinum is grayish white in color. It is often alloyed with small amounts of iridium, which substantially decreases the metals ductility. Platinum was used extensively in the production of chemical apparatus, incandescent light bulbs, thermo-couples, and also in photography and jewelry. It is also an exceptional catalytic agent with use today in automotive catalytic convertors. The late 19th century and very early 20th century saw a substantial increase in the average price of platinum. From 1874 to 1907, the price increased five-fold. Possibly a viable material for coinage in the early 1800's, this metal was no longer an option a century later.