LOT Old Heritage Auctions  /  2008 April Rosemont, IL (CSNS) US Coin #1104  / 

2322

1892-O 50C SP66 Star NGC

Currency:USD Category:Coins & Paper Money / US Coins Start Price:145,000.00 USD Estimated At:1.00 - 1,000,000.00 USD
1892-O 50C SP66 Star NGC
<B>1892-O 50C SP66 <img src="/images/star.gif" width="10" height="10" alt="" border="0"> NGC.</B></I> Unknown to Walter Breen and to our knowledge unrecorded in any reference, this is a coin that Breen would have said "carries its own credentials." In his 1977 proof reference, Breen only records an 1892-O dollar as a Branch Mint proof. There is no mention of a half dollar. However, there is more of a reason for the New Orleans Mint to have produced a specimen half dollar than a dollar. It may well be that the half dollar was produced first, and the silver dollar struck as an afterthought. The significance of the 1892-O half dollar was addressed extensively in an article by Paul M. Green in the May 2, 2006, issue of <I>Numismatic News</B></I>:<BR><BR>" ...the written information of the time suggests there was quite a bit of interest in the Columbian Exposition half dollars, which might have been natural as they were the first half dollar commemorative of the United States. The new dimes, quarters and half dollars for circulation were apparently not as interesting.<BR><BR>"There should have been some interest in the 390,000 Barber halves produced at New Orleans that year if for no other reason than the fact that half dollar production at New Orleans was unusual. The New Orleans facility had produced its last half dollar three decades earlier in 1861, when the Civil War was dividing the nation. <BR><BR>"The story behind the lack of New Orleans half dollar production was a simple one. After falling to state of Louisiana forces in 1861 and then being turned over to the Confederate States of America, the New Orleans facility had basically been allowed to decay. The same happened to the other Southern facilities, at Dahlonega, Ga., and Charlotte, N.C. What made New Orleans different was that it managed to come back to life, resuming U.S. coin production in the late 1870s.<BR><BR>"The New Orleans facility had another chance, unlike the Dahlonega and Charlotte Mints, for a couple reasons. The first was that there was some complaint in New Orleans that the deal that had given the government the land for the facility required that there be coin production. The second was that New Orleans had produced silver and gold issues, unlike Dahlonega and Charlotte which produced only gold. That entered the picture because it was becoming clear that the country had a problem with too much silver thanks to the Comstock Lode. ... The GÇÿO' Mint was, however, basically limited to silver dollars and gold until 1892 when the facility expanded to produce the new Barber issues."<BR><BR> The hiatus of 31 years was reason enough to strike a specimen half dollar. A Branch Mint proof 1891-O quarter was listed in Breen's 1977 <I>Encyclopedia</B></I>, an issue that was stuck after a similar 31-year hiatus. While we do not have a record of a Branch Mint proof dime, logic would dictate that such a coin should have been struck also since none had been produced since 1860 in New Orleans. <BR> The surfaces of this piece are definitely different than any other 1892-O half dollar we have seen, and for that matter differ from any other Barber half except proofs. Brilliant throughout, the absence of color makes the finish of this piece accessible to all who view it. The fields are deep and shimmer with mirror-like intensity, once again unlike the finish on any Barber half except a proof. The devices are frosted and, in fact, a Cameo designation would not be out of line. <BR> Twelve years ago, we had the opportunity to closely examine the Branch Mint proof dollars from the Anita Maxwell Trust. One of the interesting conclusions we came to was that these pieces were definitely produced for some special purpose; however, the quality of die preparation in the various branch mints was uniformly not on par with that seen on proofs struck in the Philadelphia Mint. One difference was the presence of unfinished areas of die polish on the dollars. On this half dollar, however, the only area that we see that is not completely polished is between the leaves on the olive branch. However, a similar tightly detailed area between the arrows does show complete die polishing. Close examination of this piece shows that the fields were heavily polished. So much so, in fact, that several of the devices appear attenuated (the stars above the eagle), and others (such as the stars on each side) have a "recessed" appearance. We attribute this to heavy polishing of the dies, and a conscious effort to produce a uniformly mirror-like specimen. What is curious is the lack of highpoint detail. One would think after so much effort was put into die preparation, the resultant coin would be fully struck. But what is seen here is a piece that shows typical O-mint softness on the upper lip of Liberty, the right (facing) leg of the eagle and claw. If this coin was struck twice, as would be expected from a specimen, then the dies were set too far apart to achieve complete definition. Most likely, though, the piece was struck only once--perhaps the New Orleans Mint personnel were unfamiliar with the practice of striking proofs twice, or striking detail was a secondary consideration to achieving a mirrorlike coin. <BR> This is a rare opportunity for the collector of Branch Mint proofs. Such pieces are seldom offered for sale at public auction and always generate a great deal of excitement and interest when they are available. It is not a stretch to state that after all these years, this is likely a unique product from the New Orleans Mint. <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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