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Lot
5648

1879 $2 1/2 PR64 Cameo PCGS. CAC....

2012 October 18-21 ANA US Coins Signature Auction - Dallas #1175

 
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Auction Ended On: Oct 19, 2012
Item Activity: 9 Internet/mail/phone bidders Number of Bidders
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Location: Dallas Convention Center
650 S. Griffin Street
Dallas, TX 75202

Description:
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1879 Two and a Half, PR64 Cameo
Only 30 Proofs Struck
1879 $2 1/2 PR64 Cameo PCGS. CAC. The long-awaited "parity" between gold, silver, and paper currency was achieved for the first time since the Civil War in 1879, and leading up to the event, the mints of the United States turned out large amounts of gold and silver coinage for circulation, anticipating that citizens would prefer those. Even the lowly and neglected quarter eagle circulation strike of 1879 saw a plentiful mintage for the denomination, to the extent of 88,960 pieces. Given the equivalent choices between "hard money" and more-convenient paper currency, however, most Americans -- save for in the West and the Rocky Mountain states -- chose paper, to the astonishment of Mint and Treasury officials.
The situation was quite different for proof gold quarter eagles dated 1879, of which only 30 were reportedly struck. Today they are quite rare, although when found they usually offer pleasing, deep cameo contrast. This near-Gem Cameo PCGS example with the CAC approval displays rich orange-gold surfaces throughout. The strike is sharp, save for a trace of softness on Liberty's lower curls. The frosty devices and mirrored fields produce perceptible and pleasing contrast. A few field hairlines and minor contact marks account for the grade, detracting little from the appearance and none from the rarity. Population: 3 in 64 Cameo, 0 finer (9/12).
From The Nottingham Collection.(Registry values: P5) (NGC ID# 2882, PCGS# 87905)

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