LOT Heritage Rare Coin Galleries  /  2004 May (CSNS) Signature Sale #346 - Session 2  / 

6092

1867 5C Rays PR64 NGC. Obverse 1, State I.

Currency:USD Category:Coins & Paper Money / US Coins Start Price:1.00 USD Estimated At:1.00 - 1,000,000.00 USD
1867 5C Rays PR64 NGC. Obverse 1, State I.
<table><tr><td><table><tr><td>1867 5C Rays PR64 NGC. Obverse 1, State I. Reverse A, State I. This is an original striking, believed struck on February 8, 1867. This is the third example we have sold of this rare original proof since November. The research on these pieces was done over many years by John Dannreuther and only recently published. And as one would expect from anything researched by J.D. it is air-tight. It is also rather dense reading, but if one follows his line of thought the light will click on after several pages. To briefly summarize, both With Rays and No Rays proofs from 1867 shared a common obverse. Restrikes of the With Rays coins were obviously made in later years (most likely under the supervision of Mint Director Henry Linderman). The most obvious die characteristics of Obverse 1, State 1 coins are: 1) the left base of the 1 is over the right part of a denticle, the 7 is recut; 2) a long, curly die line runs from the 10th horizontal stripe down through the left side of the shield and ends in the circle; 3) there is a strong inner left bar to the W in WE; 4) the inner right berries are recut with a tiny polish line from the lower berry to the adjacent leaf. Other diagnostics are present also, but the ones listed above are by far the most obvious ones that distinguish Originals from Restrikes. This is an exceptionally nice coin for the grade with excellent reflectivity in the fields (for a Shield nickel) and a light overlay of gray patina. There are no singularly distracting contact marks on either side, just a few light ones that are evident with magnification and a few minor flecks of carbon, which account for the grade. Prices for the two original strikings we have offered for sale at public auction have been uniformly strong, and we expect a similar result for this piece. The ANACS PR60 we sold in our November New York Sale brought a surprising $17,250, and the NGC PR66 Cameo in our January Long Beach Auction realized a record-shattering $132,250! Obviously, advanced collectors are willing to pay significant premiums for this rare die state--a coin that was provably struck in 1867. <BR><BR><B>Important notice:</B> Heritage usually auctions material at the rate of 200-250 lots per hour. On some occasions eBay Live bid software or the Internet may not be able to keep up with the pace of the auction. We recommend placing a realistic absentee bid now as insurance to avoid disappointment. Occasionally the auctioneer may eliminate or reject an eBay Live bid, and the auctioneer may also reopen a lot after the close of the eBay live bidding (usually because we missed an audience bid), and may reject your bid even if it shows you as the winning bidder. By bidding via eBay Live, you agree that Heritage may award the lot to another bidder at its sole discretion under the circumstances described above or any other reasonable circumstances. Since eBay bids are not shown to us until we open the lot on the floor, we treat those bids just like floor bids. In most cases the floor responds before the eBay bid is presented to us, due to Internet lag time, so for consistency we have made it a policy that floor bids are always considered first over tie eBay live bids. Also please note that all Heritage lots purchased through eBay Live carry a 20% Buyer's Premium. Please make sure you read the Terms and Conditions before you bid. <BR><BR><B>IMPORTANT ANNOUNCEMENT ABOUT RESERVES:</B> Heritage now divulges all reserves on its web site 7 days before every auction. If you want to know whether the reserve on this lot has been met, and if not, what the reserve amount is, please visit this lot page on the HeritageCoin.com web site, or email: bid@HeritageGalleries.com </span></font></td></tr></table></td></tr></table>
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