1838 H10C No Drapery PR67 PCGS. V-10, Low R.8 as a Proof....

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1838 No Drapery Half Dime, PR67
V-10, Finest Certified at Either Service

1838 H10C No Drapery PR67 PCGS. V-10, Low R.8 as a Proof. Ex: Pittman. Fantastic eye appeal is the hallmark of this 1838 No Drapery half dime, showing prevailing cobalt-blue toning closer to the rims on each side, contrasting with heather-colored central devices. The squared-off inner rims, mirrored surfaces (for the most part), extensive evidence of die polishing, and a razor-sharp strike that has brought up all details on the star centers, Liberty's foot and sandal, head, the gown details and shield lines -- all convince us that this piece is a no-questions proof.

Even in outstanding collections such as the Gardner Collection, there are certain coins that will remain memorable long after the last lot has crossed the auction block, the press releases issued, and the new owners receive their auction winnings.

This coin, for both its incredible aesthetic appeal and its amazing rarity, is clearly one such piece. Proof coins of the U.S. Mint struck before 1858 are rare as a class. This Seated half dime proof, struck some 20 years before the inception of the official Seated proof series, is immeasurably rarer still. Only three proofs are known for certain, and the Gardner Collection coin, formerly in the John Jay Pittman Collection, is the finest of the three, barely edging out the remarkable Phil Kaufman example.

Variety: Large Stars, V-10. The obverse shows star 1 low and positioned close to the rock, with all of the star points defective and reworked or repunched. The top of the 1 in the date is repunched below the top serif. The reverse die shows a heavy cracked area connecting the lower portions of AMERIC to the wreath just below.

Population Data (7/14): This PR67 ex: Pittman coin is the sole proof of the date certified at PCGS. NGC shows the PR63 and the PR66 ★ coins from the roster that follows.

Heritage Commentary: John Pittman owned this coin for 45 years, and Gene Gardner has owned it for 17 years, making this appearance of the piece only the third auction offering since 1952 (and possibly the fourth since 1946). Writing of this coin, David Akers described it thus in the Pittman Collection, lot 455:

"This is an amazing and possibly controversial coin. In my opinion, it is a Proof, although it may be considered by some to be Mint State. It is struck from the late stage of the Valentine-10 reverse die with the prominent break between the wreath and AMERICA. There are signs of die deterioration between the reverse legend and the rim, especially on the right side. The coin is fully struck with a sharp, square edge, well defined milling, and a partial wire rim. There is prominent recutting on star 1, less obvious recutting on star 3. The fields are mostly mirrorlike and have extensive signs of die polishing, particularly on the obverse at the date and stars, the polishing lines running more or less vertically. The dies appear to be unpolished below the chin and around the right arm. In terms of surface quality, the coin is just fantastic; it is literally flawless and has the most superb natural violet and russet color blending first to deeper blue and then to lighter greenish-gold at the rims. Purchased by JJP from David Bullowa's 5/24/52 sale, Lot 1132, for $16, and specifically referred to in Walter Breen's Encyclopedia on Proofs where it is the first Proof 1838 Half Dime he lists.

"In Proof, the 1838 Half Dime is an extreme rarity. It is probably High Rarity-7 with only 5-6 examples known, although all of them are somewhat controversial as to their Proof status."

The Pittman coin brought $35,750 in its 1997 offering. It is worth pointing out that not only the Heritage cataloging staff and PCGS, but other knowledgeable numismatists including Gene Gardner, John Jay Pittman, and David Akers have all considered this piece to be a proof strike.

Roster of 1838 No Drapery Proof Seated Half Dimes
Our updated roster includes three distinct specimens with two additional auction appearances.

1. PR67 PCGS. The present coin. See Provenance below.
2. PR66 ★ NGC. The Philip Kaufman specimen. Matthew A. Stickney (Henry Chapman, 6/1907); John M. Clapp; Clapp Estate (1942); Louis E. Eliasberg, Sr.; Eliasberg Estate (Bowers and Merena, 5/1996), lot 943; Philip Kaufman (Heritage, 1/2008), lot 3016; FUN Signature (Heritage, 1/2014), lot 5181.
3. PR63 NGC. No prior provenance known, although see our comments at B, below.

Additional Appearances
A. Proof. Adolph Friedman, 1946 American Numismatic Association (Numismatic Gallery, 8/1946), lot 52, $11. "With stars. No Drapery. Gem steel-blue proof. Rare." Not plated. This is possibly the present Pittman-Gardner Collection coin, number 1 in the roster above.
B. Proof. Abner Kreisberg and Hans M.F. Schulman (2/1960), lot 1110. This coin is described in the catalog as "Gem Proof, very rare" with no further details or photo. This is possibly number 3 in our roster above.

Provenance: Purchased as a proof by John Jay Pittman from David Bullowa's May 24, 1952 sale, lot 1032; Pittman Collection (Akers, 10/1997), lot 455. (Registry values: P4)

Coin Index Numbers: (NGC ID# 7GSD, PCGS# 4408, Greysheet# 3842)

Weight: 1.34 grams

Metal: 90% Silver, 10% Copper

View Certification Details from PCGS