1836 50C Lettered Edge PR64 NGC. O-106, R.7 as a proof....
Important 'Beaded Border' Reverse Variety
First We Have Ever Offered
This proof striking is certified by NGC as O-106 and "Beaded Reverse." The Overton reference notes that "this reverse is the only reverse in the lettered edge series that has a raised edge with beaded segments," a format similar to (but different die pairing from) that used on the later Reeded Edge Bust half proofs of 1836. The Reeded Edge Bust halves are notable as the first U.S. coinage struck under steam power, but as far as we know all of those pieces were struck with the same pair of dies -- proofs and business strikes alike -- the Beistle 19-Y combination showing a short, jagged die crack down from the denticle past the second S of STATES and die doubling on 50 CENTS.
Returning to the 1836 Lettered Edge O-106 reverse die, the 5 in the denomination also displays a "fancy" (Breen's term) flag on top, the first T in STATES is lower than the other letters, and many of the vertical lines extend upward into the horizontal stripes.
Although we have offered proof strikes of the 1836 Lettered Edge several times in the past, this is the first proof example of the O-106 that has appeared since we began our Permanent Auction Archives in 1993. The fully reflective fields on both sides of this coin mark it as a no-questions proof, although the Beaded Border reverse obviously puts it at the nexus of steam-powered coinage. Mint Director Robert Patterson wrote to George Newbold in 1836, "We are getting rid of Blood-power as soon as we can."
This near-Gem shows a crisp strike throughout both sides; the obverse stars are mostly flat save for the last four which are sharp, a diagnostic (as opposed to strike weakness) seen on all business strikes as well. The surfaces show excellent overall preservation, despite a few light field hairlines and a couple of contact marks on the cheek and lower bust. Pinkish-copper tones prevail on both sides.
Between NGC and PCGS there are 15 examples of the 1836 Lettered Edge in all proof grades, nearly all uncertified as to variety. For all proof varieties, NGC has seen four submissions in this grade with one finer (4/13). This is an important early proof half dollar from one of the most historic and momentous years in American coinage history. (PCGS# 6221)
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