LOT Heritage Rare Coin Galleries  /  2007 Jan (FUN) Heritage Signature Coin #422  / 

3136

1862 $10 PR65 Deep Cameo NGC.

Currency:USD Category:Coins & Paper Money / US Coins Start Price:72,000.00 USD Estimated At:1.00 - 2.00 USD
1862 $10 PR65 Deep Cameo NGC.
<B>1862 $10 PR65 Ultra Cameo NGC.</B></I> Ex: Lisa L. The Civil War raged in the United States from 1861 through 1865. Early on, the North thought there was little doubt about the war's outcome, but by late 1862 the Union war strategy was in disarray. President Lincoln had replaced General George B. McClellan as commander of the Union forces with Ambrose Burnside, an ineffectual leader. In December 1862 Burnside and the Union troops suffered staggering losses of life near Fredericksburg, Virginia. Increasing numbers of Federal troops began to desert their ranks.<BR> Against this historical backdrop, first silver, and then gold coins disappeared from circulation in 1861. In November 1861 the Reverend Rev. M.R. Watkinson, of Ridleyville, Pennsylvania, suggested to Treasury Secretary Salmon P. Chase that the nation's coinage should feature a motto emblematic of its trust in God. Various half dollar and eagle pattern coins of 1861 and 1862 feature mottos such as IN GOD IS OUR TRUST and GOD OUR TRUST. By the second week of July 1862, even Indian Head cents had ceased to circulate. The Philadelphia Mint produced only a bit more than 92,000 double eagles in 1862, compared with more than 2 million the previous year, and only 10,960 eagles, against more than 113,000 pieces in 1861. Even mintages of proof coins plummeted: While 1859 through 1861 saw proof eagle mintages from 50 to 80 pieces, in 1862 only 35 proof eagles were recorded. Few proof specimens were made of the gold eagle in this year, but some of the Judd-297 and -298 copper patterns were produced from an obverse die used for the regular-issue proof gold pieces. The reverse of those copper patterns features the motto GOD OUR TRUST, either on a scroll (Judd-297) or in the field above the eagle (Judd-298). Walter Breen's proof <I>Encyclopedia</B></I> describes the obverse die: "Large date, placed low, slanting down a little to r., 2 nearer border than 1; left base of 1 almost over r. edge of a dentil ; date nearer first than 13th star." Some of the copper patterns feature a different obverse die, with the "date about centered and too far right (as in 1863), the 2 almost in line with r. corner of truncation illustrated in Adams-Woodin, 356 ." It is unknown if any regular (No Motto) gold eagles were produced with this obverse, but Breen comments that if they exist, "They are probably restrikes."<BR> The present example offers superbly contrasting, deeply mirrored fields against the frosty devices. The obverse die shows the diagnostics of the first obverse die above, with the date shifted to the left. A curious curved mark between the bust truncation and the 2 in the date appears to be the lunule of the top of a previously mispunched 2. This is the single highest graded proof example of this elusive Civil War-era issue at either NGC or PCGS. A search through our auction archives shows that this is only the second time we have ever offered a proof of this elusive issue, with the current piece the highest graded. PCGS has never graded a Gem proof of this issue, while NGC has graded one each in PR65 and PR65 Cameo, with this the only PR65 Ultra Cameo (10/06).<BR><I>llustrated on page 60 of</B></I> Proof Gold Coinage of the United States,<I> by Robert J. Loewinger, M.D., as a representative of the Type II reverse with shorter, thinner claws, no motto, and small letters.</B></I><BR><I>From The Dr. Robert J. Loewinger Collection.</B></I><BR><BR><b>Shipping:</b> Coin/Currency (<a target="_blank" href="http://www.heritageauctions.com/common/shipping.php">view shipping information</a>) <BR><BR><B>Important notice:<
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