1887 $5 PR63 Ultra Cameo NGC. JD-1, R.5....

Description

1887 Half Eagle, PR63 Ultra Cameo
Classic Proof-Only Rarity
35 to 45 Coins Extant

1887 $5 PR63 Ultra Cameo NGC. JD-1, R.5. The Philadelphia Mint maintained a small and eccentric production of business-strike gold coins in 1887: 7,500 gold dollars, 6,160 quarter eagles, 6,000 three dollar gold pieces, and 53,600 eagles. Completely omitted were the half eagle and double eagle, available (then as now) exclusively in proof format. The double eagles are more famous today, but the proof 1887 half eagle has a distinctly smaller mintage of only 87 pieces compared to 121 proof twenties.

The 1887 half eagle is also the sole proof-only issue in its With Motto series, a singular anomaly as compared to the trio of such dates among twenties. As is always the case, a significant number of proofs have been lost to time, and worn and otherwise impaired representatives are even more prevalent than usual; Garrett and Guth note, "Many probably entered circulation, as this date has the largest number of impaired examples seen for Proof issues of the 1880s."

This Select specimen is one of just two 1887 proof fives at NGC designated as Ultra Cameo. In United States Proof Coins, Vol. IV: Gold, John Dannreuther notes, "One mystery for this date is the lack of deep cameo examples. As one can see by studying the auction records, the grading services have seldom awarded the deep cameo designation. One would think that the early examples would have enough contrast to warrant the DCAM suffix. Some year's Proofs just never got the heavy frosting for their dies." While the reflective fields of this piece, pale yellow-gold with subtle orange-peel texture, do show their share of contact marks, the contrast with the clearly frosted devices is delightful, particularly on the obverse. Census: 1 in 63 Ultra Cameo, 1 finer (11/21).
Ex: FUN Signature (Heritage, 1/2014), lot 5463; ANA Signature (Heritage, 8/2014), lot 5655.
From The Phyllis Norman Collection. (Registry values: P5)

Coin Index Numbers: (NGC ID# 28CR, PCGS# 98482, Greysheet# 9247)

Weight: 8.36 grams

Metal: 90% Gold, 10% Copper

Note for clients in the European Union: This lot is considered by the European Union to be “investment gold”. We believe that it meets the criteria established in Article 344(1), point (2) of Council Directive 2006/112/EC and thus should be exempt from import VAT regardless of the selling price. Any questions or concerns about VAT should be addressed to your accountant or local tax authority.

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