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1903 $5 JD-1, R.4, PR67 Cameo NGC. CAC....
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Sold on Aug 26, 2025 for:
$75,000.00
Bid Source: HA.com/Live bidder
Description
1903 Half Eagle, PR67 Cameo
Rare Pairing of Grade and Cameo Contrast
1903 $5 JD-1, R.4, PR67 Cameo NGC. CAC. This Superb Gem
proof boasts bright yellow gold color overall, with contrast that
is more pronounced on the reverse than on the obverse. The fields
are deeply mirrored, and there are no noticeable marks. This piece
is apt to attract a good deal of attention as one of the few Cameo
proofs available from late in the Liberty Head series.Any proof gold coinage from the classic era of U.S. numismatics is rare to a greater or lesser degree, depending on numerous factors including overall survival and conditional rarity. While the 1903 half eagle represents the third highest proof mintage of the Liberty Head series, this is still not a common issue. In absolute terms, Dannreuther estimates that only 90 to 110 examples survive, which is rarer than five of every six date and mintmark issues of Liberty Head half eagles. The present example is doubly rare for two reasons.
First is the Cameo designation. In 1902, the Mint switched to what Dannreuther calls the "'brilliant' Proof era," which saw a reduction in the Cameo contrast of proofs due to a change in manufacturing methods. This greatly reduced the number of highly contrasted examples that are common on the highly desirable 1890s issues. Only a handful of Deep Cameo proofs are known after 1902, making Cameo coins, like the present offering, the finest available. The present example strongly reflects this designation via reflective, inky black surfaces contrasted with yellow-gold design elements, which no doubt was a major factor in CAC's approval decision.
The second, of course, is the grade itself. Only 15 certification instances have occurred at the PR67 Cameo level, with finer certifications comprising only two 67+s from PCGS, two 67+s and one 68 from NGC, and one 68 from CACG (6/25). While certified populations tend to be inflated with resubmissions, a reflection of the great incentives that proof gold coinage of the 19th and early 20th centuries can achieve for a one-point grade bump, this effect is dampened for examples at the highest grade levels. The peak grade for proofs of this year is in the PR64 to PR65 range depending on the service and level of Cameo contrast, which limits the number of examples in Superb Proof territory that could be resubmitted to inflate the numbers.
With the infrequently seen combination of a high numerical grade and strong Cameo contrast, the proof gold specialist should pounce at the opportunity to upgrade or obtain this truly splendid example of this issue.
Ex: FUN Signature (Heritage, 1/2012), lot 4921.
From The Cleveland Lake Collection.
Coin Index Numbers: (Variety PCGS# 106925, Base PCGS# 88498)
Weight: 8.36 grams
Metal: 90% Gold, 10% Copper
View all of [The Cleveland Lake Collection ]
Auction Info
2025 August 26 - 31 ANA US Coins Signature® Auction #1385 (go to Auction Home page)
Auction Dates
August, 2025
26th-31st
Tuesday-Sunday
Bids + Registered Phone Bidders: 15
Lot Tracking Activity: N/A
Page Views: 181
Buyer's Premium per Lot:
20% of the successful bid per lot.
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