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Lot
6264

1867 5C Rays PR64 Cameo NGC. Dannreuther-2....

2013 September 25 - 29 US Coins Signature Auction - Long Beach #1189

 
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Auction Ended On: Sep 27, 2013
Item Activity: 7 Internet/mail/phone bidders
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Location: Long Beach Convention Center
100 S. Pine Avenue
Long Beach, CA 90802

Description:

1867 With Rays Nickel, PR64 Cameo
Long-Prized Key to the Series
1867 5C Rays PR64 Cameo NGC. Dannreuther-2. Time after time the coin market has overreacted to new discoveries. At one time, Lincoln cents with die breaks (particularly around LIBERTY and IN GOD WE TRUST) were popular, to name but one fad. Occasionally, however, the market reacts with excessive disdain rather than exuberance, as is the case with the proof 1867 With Rays nickels.

Even though the work of John Dannreuther has demonstrated that the 1867 With Rays Shield nickels were restruck and more than 25 of the coins released, the issue remains the rarest in the series nonetheless, as no other date falls below a stated mintage of 600 proof specimens. To a certain extent, the market already had "priced in" empirical information about the number of survivors and adopted an informal norm of assuming more than 25 examples were struck, regardless of what the Mint records said. For now, though, the market remains in a state of overreaction to the news Dannreuther confirmed, making the time right to acquire a well-preserved example before the issue takes its next star turn.

This PR64 Cameo specimen is appreciably contrasted through considerable patina, which ranges from light yellow to green-gold. The devices, which are more heavily frosted on the obverse, have decent strikes when allowances are made for the usual places of weakness, such as the bottom of the shield. Wispy hairlines and a few flyspecks contribute to the grade. Census: 4 in 64 Cameo, 8 finer (8/13).(Registry values: P6) (PCGS# 83818)

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