LOT #3753 |
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1892-O 50C SP66★ NGC....
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Sold on Apr 25, 2019 for:
$96,000.00
Bid Source: Internet bidder
Description
1892-O Half Dollar, Specimen 66 ★
First Year of Issue
Very Rare Branch Mint Proof Striking
1892-O 50C SP66★ NGC. When Walter Breen compiled his
definitive study of proof coinage in 1977 (updated in 1989), he
included chapters covering branch mint proofs struck in New
Orleans, San Francisco, Carson City, and Denver. Among New Orleans
pieces were the 1895-O and 1898-O half dollars, the only two dates
of the Barber half dollar series that he identified as proofs.
Breen wrote: "Many of the employees of branch mints went to them
from Philadelphia where they would have learned the techniques for
making proofs. Any branch mint could have struck proofs, though
there is no evidence that Charlotte or Dahlonega actually did.
Facilities for buffing dies, strip, or blanks certainly existed, or
could be improvised, and the trick of replacing a coin onto the
lower die within the collar was well known." Authentication as a
true branch mint proof, according to Breen, was the same as for
Philadelphia Mint proofs.The New Orleans Mint operated from 1838 until 1861, when it was closed at the beginning of the Civil War. During that period, numerous proofs were coined, beginning with the famous 1838-O half dollar. After the Mint reopened in 1879, a smaller number of branch mint proofs were produced, mostly Morgan dollars.
Among Barber half dollars, a few amazing prooflike examples appeared in the Eliasberg Collection, including an 1892-O of nearly equal quality to the present piece and an 1897-O of undeniable beauty. The existence of two similar quality 1892-O half dollars actually seems to lend credence to the possibility of these pieces being intentional branch mint proofs. They were also the first Barber half dollars, and the first half dollars struck in New Orleans since 1861. Discussing the Eliasberg coin, Dave Bowers wrote: "It is not difficult to envision a scenario in which on the first day of striking this new design at the New Orleans Mint some special pieces were made for presentation."
This example was clearly minted with great care. The planchet was undoubtedly polished to a highly mirrored finish, and the dies also show some evidence of polishing or special preparation. The nearly perfect strike shows weakness only at the junction of the right shield edge and the wing, and on the right (facing) claw and arrow feathers. Nearly identical weakness can be seen in the plate of the Eliasberg coin, further indicating that the two pieces were probably struck at the same time. The obverse die is perfect, while a few faint die cracks are barely visible on the reverse. Such die cracks may suggest that the coin was struck after initial examples from the die pair, although another possibility is that the die actually cracked before it was used to strike any coins. Slight evidence of a double strike, especially on a few reverse letters, lends further support to the branch mint proof hypothesis.
The obverse and reverse surfaces of this piece are clearly different than any other 1892-O half dollar that we have seen, again with the exception of the Eliasberg coin, and differ from any other Barber half dollar except the proofs. The coin is brilliant throughout, and the absence of color makes the finish of this piece accessible to all who view it. The fields are deep and shimmer with mirrorlike intensity, once again unlike the finish on any Barber half except a proof. The devices are frosted and, in fact, a Cameo designation would easily be justified.
Certified as a Specimen by NGC, there is ample evidence to suggest that this special half dollar was intentionally struck for a special purpose, probably as a branch mint proof.
Ex: Central States Signature (Heritage, 4/2008), lot 2322; Central States Signature (Heritage, 4-5/2009), lot 2489; Central States Signature (Heritage, 4/2013), lot 4291, where it brought $108,687.50.(Registry values: N4719)
Coin Index Numbers: (NGC ID# 24LG, PCGS# 6462, Greysheet# 6577)
Weight: 12.50 grams
Metal: 90% Silver, 10% Copper
Auction Info
2019 April 25 - 28 Central States (CSNS) US Coins Signature Auction - Chicago #1294 (go to Auction Home page)
Auction Dates
April, 2019
25th-28th
Thursday-Sunday
Bids + Registered Phone Bidders: 25
Lot Tracking Activity: N/A
Page Views: 1,802
Buyer's Premium per Lot:
20% of the successful bid per lot.
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