LOT Old Heritage Auctions  /  2008 February Long Beach Signature Coin #460  / 

2579

1860 $5 PR66 Cameo NGC

Currency:USD Category:Coins & Paper Money / US Coins Start Price:95,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1860 $5 PR66 Cameo NGC
<B>1860 $5 PR66 Cameo NGC.</B></I> Despite a stated mintage of 62 proofs, the 1860 five dollar gold is far more elusive in proof format than that figure would suggest. As Akers noted in his work on the denomination, the majority of pieces likely never left the Mint. A similar pattern appears for the 1859 and 1861 proof half eagles as well; the mintages appear high, yet those two issues are similarly elusive. In 1862, production of proof fives fell to 35 pieces, which was likely much closer to the number of specimens actually sold.<BR> It is perhaps unsurprising that the Mint would make a miscalculation of this kind, as proofs were not offered to the general public until 1858. The Mint, not knowing what demand would be, likely overproduced the issue and subsequently melted the unsold remainders. The attrition of almost a century and a half claimed a number of others, and Garrett and Guth, in their 2006 work on American gold coinage, stated that "probably about 10 examples" remain today, several of which are impounded in museum collections. The number of specimens available to private collectors is very small, and the issue is an extreme rarity in the numismatic marketplace. As stated by Garrett and Guth, "It can sometimes be years between the offerings of an 1860 half eagle in Proof."<BR> The elegant Premium Gem offered here displays excellent contrast, a hallmark for the 1860 proof half eagles, and strong visual appeal. The strike is bold, and while the surfaces show a few tiny flaws (such as a small depression in the left obverse field), the overall visual appeal is remarkable, particularly when one considers the early issue. This specimen is the lone finest Cameo example certified by NGC (1/08), and it is immensely desirable as such.<BR><I>From The Southwest Collection.</B></I><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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