1867 5C Rays PR65 Cameo NGC....

Dannreuther has established that three different obverse dies were used for the 1867 Rays proofs, which were restruck at various times, all paired with a single reverse die that was lapped on each reuse. This coin was struck with an early die state of the first obverse used, Dannreuther-1, distinguished by the following markers:

--All leaves are complete; none are "hollow."
--The 7 in the date is clearly recut and has not yet faded.
--No die polish is evident in the lower vertical shield stripes.
--All berries are complete and attached, with those at the inner right recut. The lowest inner-right berry shows a tiny die polish line to the adjacent leaf.
--A die line runs from the seventh horizontal stripe, angling down through several stripes. A curly die line from the 10th horizontal stripe runs down through the left side of the shield, ending in the circle or ball ornament (a.k.a. terminal volute).
--The left fletchings are detached at the lower right (lower front) portion (where they join the shield), but the detached part has not yet degenerated into a small lump or dot as on later die states.

Although there may be more 1867 Rays proofs known than originally thought, many are later restrikes. This piece bears every hallmark of being one of the few (10-15) true originals struck, both in die diagnostics and the heavy cameo contrast and lack of die polishing notable on both sides. The piece is fully struck throughout, with reflective, untoned surfaces. The only mentionable flaws are some minor handling marks seen in the obverse field at 2 o'clock. Advanced numismatists might do well to consider the present opportunity extremely carefully.