LOT #5585 |
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1878-S 50C -- Improperly Cleaned -- NCS. AU Details. WB-101, Die Pair 1....
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Description
1878-S Seated Half Dollar, AU Details
Prooflike Surfaces
Legendary Issue
1878-S 50C -- Improperly Cleaned -- NCS. AU Details. WB-101, Die
Pair 1. The San Francisco Mint produced a meager 12,000 Seated
half dollars in 1878. In addition to the paltry mintage, the
attrition rate of this issue was exceedingly high for several
reasons. To begin, silver coinage circulated heavily on the West
Coast due to a popular distaste for paper currency and a booming
economy. Bill Bugert further explains in his book, A Registry of
Liberty Seated Half Dollar Varieties, Volume I, San Francisco
Branch Mint:"The Bland-Allison Act of 1878 is most likely responsible for this low survival rate because it required the Branch Mints to produce massive quantities of the new Morgan Silver Dollars to the detriment of minting lower denominations."
Additionally, few collectors were interested in mintmarks prior to the 1893 publication of A.G. Heaton's classic, Coinage of the United States Branch Mints. Many simply sought to acquire a specimen of each date in their chosen series, regardless of the mint of origin. The result of these factors, as Heaton himself describes it, made a "great rarity" of the 1878-S. Randy Wiley and Bill Bugert estimate that of the original mintage, approximately 60 1878-S half dollars survive in all grades.
With so few pieces minted, many surviving high-grade 1878-S half dollars are essentially "first strikes," coins that retain much of the initial die polish in the fields. In his sale of the Atwater Collection in June 1946, B. Max Mehl sold a similar coin in lot 628. The Atwater coin was undoubtedly a nice, high-grade example, but in the description Mehl exhibited his often-seen confusion about proofs and prooflike coins:
"While it has always been stated that no proofs were struck at any of our Branch Mints, I do not know what else to call this coin except a brilliant proof, as it is just that. Even the edges are sharp as on the proof. While this specimen may and may not have been purposely struck as a proof, and it may be just an early impression of the die, or one of the very early specimens struck, it is just as much a proof as I have seen This date and mint is, of course, very rare in any condition."
The lot realized $382.50, a very strong price at the time. In more recent times, the record price for an 1878-S half dollar is for an attractive MS64 PCGS example, lot 2476 of the 2009 Central States Signature, a coin that realized $184,000.
This coin features an exceptionally sharp impression throughout and the surfaces show an undeniable prooflike appearance, with frosted devices contrasted against highly reflective fields. Faint, lavender-gray toning embraces the surfaces with steel-gray patination confined to the lower portions of both sides. As noted on the holder, signs of cleaning are seen in the form of scattered, wispy hairlines, though they do not overly detract from the overall appeal of the coin. Two minute ticks, one between stars 6 and 7, and another to the left of stars 11 and 12, serve only as distinguishing marks for later attribution purposes.
This representative was offered during the sale of The Frog Run Farm Collection, conducted by American Numismatic Rarities. It was described as "A bright and sparkling prooflike example." We heartily concur.
Ex: Frog Run Farm Collection (America Numismatic Rarities, 12/2004), lot 1322.(Registry values: N7079)
Coin Index Numbers: (NGC ID# 24KR, PCGS# 6360, Greysheet# 6376)
Metal: 90% Silver, 10% Copper
Weight: 12.50 grams
ASW: 0.40oz
Mintage: 12,000
Auction Info
2014 August 5, 7 & 9 ANA US Coins Signature Auction - Chicago #1208 (go to Auction Home page)
Auction Dates
August, 2014
5th-9th
Tuesday-Saturday
Bids + Registered Phone Bidders: 7
Lot Tracking Activity: N/A
Page Views: 1,035
Buyer's Premium per Lot:
17.5% of the successful bid per lot.
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