Lot 2691

An exceptional choice Proof with very deeply mirrored fields and lustrous devices. This certainly qualifies for cameo status. When you first look at this coin, there is absolutely no question that it is a Proof. It would be wise to remember the appearance of this example, as in theory all other early Proof coins from the Mint should have this same deeply mirrored finish. Note that the mirrored fields concisely meet the devices. There is no evidence of frost near these devices. The spaced between vertical shield stripes are similarly mirrored. A few very light hairlines are visible in the fields. Both obverse and reverse are mostly brilliant with very faint champagne toning, accented by lovely peripheral lilac, gold, and blue. Very sharply struck and even the tops of 50 C are stronger than on other examples. Liberty's profile is minutely doubled from chin to forecurl.

The presence or absence of mirrored finish also provides clues about the topography of these half dollars. The letters LIBERTY and E PLURIBUS UNUM are incuse on the raised bands. Given that these letters do not have a mirrored appearance, we can assume that although raised on the die, they were still not in the same plane as the fields.

The emission sequence proposed by Ivan Leaman and Donald Gunnet suggests that this Proof-only variety was struck after 1833 O-108. This suggests that this 1832 variety was actually produced early in 1833 and was either one of the very last issues of the first Mint or one of the very early issues of the second Mint. Coinage operations at the second Mint began in January 1833.

Mis-attributed in the Bareford catalogue as Overton-112, which shares the same obverse. In that catalogue, Stack's described this as "Brilliant Proof. An exquisite gem that virtually defies description. Sharply struck with the head and eagle fully cameo-like. Delicate olive and golden toning. Breen lists this specimen as (3) Harold Bareford. Either of the lst two (Eliasberg being the 2nd listing) could be the Parmelee or Winsor specimens." As Sheridan Downey pointed out, Stack's mis-attributed this coin in their catalogue, even though they quoted the Breen Proof Encyclopedia where he specifically stated that this variety is not listed in Overton.

Today, five examples of this die marriage are known, all Proof or impaired Proof.

1. Eliasberg. Sold by us in April 1997 as Proof-65 and later certified Proof-68 by NGC. Apparently earlier from the Clapp Collection as were so many of Louis Eliasberg's coins.

2. Allenburger-Bareford. The coin presently being offered as part of the Logan Collection with pedigree below. Proof-63.

3. Smithsonian. A cleaned example in the Smithsonian Institution that is considered to grade Proof-60.

4. Dosier-Meyer. From a Steve Ivy auction to a California dealer. Thence to Olin Carter, Sheridan Downey, Elton Dosier, and Charlton E. Meyer, Jr. Proof-55.

5. An example very recently discovered. Impaired Proof.

Note: Some information about this variety discusses the possibility that the Parmelee Collection coin was probably the same as either the Eliasberg coin or the Allenburger coin. The concise listing in the 1890 catlogue of the Parmelee sale simply reads: "Half Dollar: sharp, perfect proof; scarce." No other characteristics are provided, suggesting that this could also have been the Pittman O-122 half dollar offered elsewhere in the present sale.

The edge is very boldly defined. R of OR and H of HALF overlap.

Previously certified Proof-63 by PCGS.