1928 50C Hawaiian PR64 PCGS. CAC....

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Sold on Jan 21, 2021 for:

$60,000.00 Bid Source: HA.com/Live bidder

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Description

1928 Hawaiian Half Dollar, CAC-Approved PR64
Originally Presented to President Calvin Coolidge

1928 50C Hawaiian PR64 PCGS. CAC. Ex: Coolidge. "The last of the Captain Cook (Hawaii) half dollars were sold on October 8 by the Bank of Hawaii, Ltd., Honolulu, according to advices received from Bruce Cartwright, of that city, one of the commissioners in charge of their distribution. The issue was 10,000, all delivered to the commission. Of this number, fifty were sand-blast proofs. The commission also withdrew 200 of the regular issue for presentation purposes. One of the sand-blast proofs was given to the American Numismatic Association." -- The Numismatist, December 1928.

Sandblast proofs of various classic commemorative issues typically come with a note concerning their clandestine, or, unofficial coinage. However, the proof Hawaiian half dollars shed this cloak of mystery, being documented official Mint products intended for distribution to various foreign and domestic dignitaries. The December 1928 issue of The Numismatist followed the above excerpt with a list of the 50 recipients of sandblast proof Hawaiian halves, furnished by Commissioner Cartwright. Some of the most notable recipients were the Hawaiian Historical Society (coin #11), British Museum (coin #20), King George V of England (coin #22), American Numismatic Association (coin #27), National Museum, Wellington, New Zealand (coin #45), and American Numismatic Society (coin #47). For the purposes of this examination of the record, however, the most important recipient on the list was President Calvin Coolidge (coin #21).

For any numismatic rarity pedigreed to an individual such as a former president of the United States, proof of ownership is essential, and for this sandblast proof Hawaii half dollar, the documentation is extensive. Perhaps most importantly, this piece has, in the past, been accompanied by a letter from John Coolidge, handwritten on Plymouth Cheese Corporation letterhead and dated December 25, 1973. It read:

"Dear Mr. French,

This will acknowledge receipt of your check, for which I thank you.

With regard to your letter of Nov. 29th, I have no idea as to the origin of this Hawaii, but I can assure you that the coin belonged to my father, President Calvin Coolidge, and was contained in his collection just as I sent it to you.

I appreciate your handling this matter. I assume I will hear further from you with regard to the unsold lots. I should appreciate an estimate of their value as well as a list of them.

Seasons greetings.

Sincerely,
John Coolidge"

The coin had been sold the previous month as lot 108 in French's 106th Auction on November 17, consigned to that sale by John Coolidge himself. The lot description read:

"1928 Hawaii Sesquicentennial Extremely Rare sandblast proof[.] [O]nly 50 of these were issued as Presentation Pieces. This one was presented to President Calvin Coolidge at the time of issue, perfect condition [sic] this coin should be worth several thousand dollars today. Plate"

The importance of this coin -- and by extension, its value -- transcends norms for the issue. Sandblast proof Hawaiian half dollars so rarely appear at auction that each offering is a highlight of a sale. This piece, however, stands apart from its peers with singular importance. When we last handled it in our 2002 FUN Signature, it realized $33,350 -- about twice the value of other sandblast proofs auctioned during the same era. A different example, in the same grade, sold a year prior in our 2001 Atlanta Signature for just $18,400, and in our February 2000 Long Beach Signature another PR64 example realized $21,850 -- both pieces falling far short of this example. Perhaps the only coin moderately comparable to this piece ever to appear at auction was the PR65 specimen in Bowers and Merena's September 2008 Beverly Hills Rarities sale; the coin was pedigreed to Miss Juliett Mae Fraser, recipient of coin #8, and was offered with extensive documentation as to its provenance. It realized $86,250 in that market (more than decade ago).

Since the 2008 sale of the Fraser specimen, sandblast proof Hawaii half dollars disappeared from the public auction arena until February 2020; in our Long Beach Signature, we were privileged to bring a sandblast proof to public auction for the first appearance of such a coin in more than a decade. The piece was housed in an old green PCGS holder as PR64. It carried no known provenance, yet still climbed to $52,200.

The Coolidge specimen offered here is not only just the second sandblast proof to appear at auction since 2008, it is, to our knowledge, the first sandblast proof offered with CAC endorsement. Moreover, its provenance is perhaps the greatest of any piece known in private hands. Documentation accompanying the lot here includes: lot description page, photographic plate, and cover from the 1973 French's catalog; the invoice for the winning bidder from the French's sale, a collector residing in Delmar, New York; a typewritten itemized letter from the Delmar, New York collector referencing several pieces of documentation, including the Coolidge-French letters aforementioned here; a PNG certificate, signed by Larry Goldberg, issued in February, 1979 confirming the coin is a sandblast proof (The PNG certificate identifies the coin as Ex: Metropolitan New York Numismatic Convention, lot 2125, however, examination of the plate in that Stack's sale reveals this is definitely NOT that coin.); the custom holder from the Superior January 1979 sale; the lot flip from the Stack's July 1979 sale. The lot also includes a custom black plastic screw type holder with the President Coolidge pedigree and the notation "#21 OF 50 STRUCK." The Coolidge letters that once accompanied this piece are no longer physically present, nor is the flip from the 1973 French's sale.

There are two classes of Hawaiian sandblast proofs halves ... those with traceable provenance to their original recipients, and those without. The two classes are not comparable, and it is arguable that individual coins with documented provenance are also not comparable to each other. The history of a specific coin and the person to whom it was originally presented are monumental considerations when determining a coin's numismatic and historical significance. There are few numismatic properties that have been sold in the past fifty years that have a more solid, interesting, and historic pedigree than this sandblast proof Hawaiian half.
Ex: President Calvin Coolidge (1928); John Coolidge; French's 106th Auction (11/1973), lot 108, realized $2,800; Delmar, New York collector; The Madison Estate Sale (Superior, 1/1979), lot 1087; Auction '79 (Stack's, 7/1979), lot 673; Ric Leichtung Collection / FUN Signature (Heritage, 1/2002), lot 8752.

Coin Index Numbers: (NGC ID# BYN2, PCGS# 9310, Greysheet# 10315)

Weight: 12.50 grams

Metal: 90% Silver, 10% Copper

View Certification Details from PCGS