LOT Heritage Rare Coin Galleries  /  2007 Signature Coin - Charlotte, NC #432  / 

791

1836 50C Reeded Edge PR64 NGC. There is currently no a

Currency:USD Category:Coins & Paper Money / US Coins Start Price:3,750.00 USD Estimated At:1.00 - 1,000,000.00 USD
1836 50C Reeded Edge PR64 NGC. There is currently no a
<B>1836 50C Reeded Edge PR64 NGC.</B></I> There is currently no accurate Census of proof 1836 Reeded Edge half dollars in existence, to the best of our knowledge. It is probably a reasonable estimate that fewer than 20 such coins exist at all numerical levels, with only two or three Gem quality pieces known. In his <I>Complete Encyclopedia,</B></I> Walter Breen estimated a total population of "at least 12 proofs." A decade earlier, Breen commented in his <I>Proof Encyclopedia:</B></I> "I know of at least eleven different examples, a few more probably exist."<BR> This is a remarkably attractive example with natural steel-blue and lilac-gray toning blended over both surfaces, deeper on the obverse and lighter on the reverse. Light surface scratches are visible beneath the toning, especially on the obverse, preventing a Gem grade designation by NGC. The fields are fully mirrored with obvious cameo contrast, although such a designation has not been assigned to this piece due to the toning. Clearly, the toning is consistent with those pieces found in old collections.<BR> According to a letter from Mint Director Robert M. Patterson to Treasury Secretary Levi Woodbury, the new reeded edge half dollars were first coined on November 8, 1836. It was this date that 10 pieces, called "specimens," were delivered by Patterson to Woodbury. The language suggests that these pieces were proofs, or otherwise special strikes. Given the number that are known today, additional proofs must have been struck before the regular coinage commenced. These pieces were the first coins produced on the new steam-operated coinage press, although the coinage had been anticipated for quite some time. The famous Steam Press Token indicates a date of March 23, 1836 while a letter dated September 6, 1836 from Patterson to George Newbold, president of the Bank of America in New York, anticipates the coinage of half dollars by steam in just a few days. The cataloger for the Eliasberg Collection in 1997 references an additional letter dated November 11, 1836, with a notation that 32 coins were sent to Newbold. Perhaps these pieces were additional proof examples, giving a total proof mintage of 42 pieces. Though we have no record of a proof mintage today, the figure of 42 pieces is consistent with the number known today.<BR> The design for the Reeded Edge half dollars was similar to John Reich's earlier Capped Bust design, with slight refinements made by Christian Gobrecht. Of course, the change from a lettered edge to a reeded edge was the biggest improvement. Mint Director Patterson remarked that the new "Close Collar" gave a mathematical quality to the diameter of these coins, and it was this Close Collar that also imparted the reeded edge. This new device had actually been introduced several years earlier on the gold coinage in 1829, but the combination of steam power and use of the Close Collar first took place in 1836.<BR> The entire history surrounding the first steam press is an interesting story, briefly told by Cathy L. Clark in the March 2000 issue of <I>The Numismatist.</B></I> Her article, "Steam Power: A Pressing Issue" discusses the Thonnelier steam press in conjunction with a display at the American Numismatic Association Museum. The original steam press survives to this day and is on display at the ANA in Colorado Springs, Colorado.<BR><BR><b>Shipping:</b> Coins & Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>)
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