Exceedingly Rare Proof Striking of the 1848 Half Dollar

Only Five Specimens Positively Confirmed

1848 Liberty Seated Half Dollar. Proof-65 (PCGS).

This Gem is an outstanding representatively of an exceedingly rare early Proof issue in the Liberty Seated half dollar series. Richly and originally toned, both sides exhibit a bold blend of olive-copper, smoky-gray, sandy-apricot, reddish-russet and cobalt blue patina. Even more vivid undertones are noted, especially on the obverse, where intense shades of iridescent salmon pink, champagne-gold, lilac and powder blue are evident. The fields are reflective mirrors which support fully impressed design elements that are more satiny in texture. Smooth and solidly graded as a Gem, there are not even any useful provenance markers. The pattern of toning, however, helped us confirm this coin's earlier auction appearances in the modern market. Highly desirable in all regards, this beautiful specimen combines absolute and condition rarity with strong eye appeal and should be irresistible to discerning collectors. Regardless of date or denomination, all Proof Liberty Seated coins from the 1840s are significant numismatic rarities. These coins were struck before Mint employees began marketing Proof coins to collectors on a wider basis. This would not begin until the late 1850s and corresponded to the first major surge in popularity for the numismatic hobby in the United States. During the 1840s, on the other hand, Proof coins were struck in small numbers each year, and generally only for official presentation purposes or distribution to the small community of active collectors. Most of these pioneering American numismatists lived in the major cities of the Northeast, and most enjoyed close ties to the Mint. During the 19th century, in fact, what few Proof 1848 half dollars existed were apt to be found in the collections of now-famous collectors such as Matthew A. Stickney, and often as part of complete Proof sets of silver and minor coinage. Stickney, interestingly, owned two specimens of this issue, one as part of a Proof set and the other as a single, the latter suggesting that the Mint may have struck a few specimens for individual sale outside of the sets. During the 20th century most early U.S. Mint Proof sets in private hands were broken up by collectors and dealers and, today, when encountered at all, these rare coins are almost always offered individually in the market or are held as such in significant cabinets. Mintages for Proof coins during the 1840s were not recorded and, as such, have been lost to history. Any mintage figures advanced by today's numismatic scholars, therefore, are purely estimates based on the number of surviving coins that they have been able to trace. Given the manner in which these early Proof Liberty Seated coins were distributed it is likely that most, if not all of the coins produced have survived, even if a few remain locked way in tightly held collections and await discovery by the wider numismatic community. As such, the number of coins extant is usually a good indicator of the number struck when evaluating Proof Liberty Seated coinage from this era. Yet even so, challenges remain in determining a reasonable estimate on the number of Proof half dollars struck in 1848, as there is considerable disagreement in the literature on the number of coins extant. Walter Breen provided provenance information for five specimens in the 1989 edition of his Encyclopedia of United States and Colonial Proof Coins, and he also stated, "At least one other badly cleaned proof is known," for a possible total of six. Randy Wiley and Bill Bugert ( The Complete Guide to Liberty Seated Half Dollars, 1993) take a more conservative view with an estimate of "less than 4 known." In his cataloging for Part II of the John Jay Pittman Collection (May 1998) David W. Akers opined that only fix or six are known, while our own Q. David Bowers offers a possible mintage of four to eight specimens in his 2016 Guide Book of Liberty Seated Silver Coins authored for Whitman. PCGS CoinFacts, no doubt using third party certification data as their primary source, provide an estimate of four to six known that is in line with the work of Breen, Akers and Bowers. For his part, your cataloger (JLA) has been able to positively identify five distinct specimens, just three of which have been certified in the modern numismatic market: 1 - PCGS Proof-6 5. CAC. Ex James G. MacAllister and Wayte Raymond's Newcomb II sale, May 1945, lot 859; John Jay Pittman; David W. Akers' sale of the John Jay Pittman Collection, Part II, May 1998, lot 1534; Phil Kaufman; Heritage's sale of the Phil Kaufman Collection of Early Seated Proof Sets, Part IV, August 2008 Baltimore ANA Signature Auction, lot 1819; Heritage's sale of the Greensboro Collection, Part II, January 2013 FUN Signature Auction, lot 5663; Heritage's Orlando Signature Auction of July 2013, lot 3168; David Lawrence's Internet Auction #7794, March 2014, lot 533. This coin was previously certified Proof-66 NGC and, as of this writing, appears to still be listed as such on the NGC Census. 2 - PCGS Proof-65. Ex Spink America's sale of the Burdette G. Johnson Collection, June 1997, lot 171; Eugene H. Gardner; Heritage's sale of the Eugene H. Gardner Collection, June 2014, lot 30530. The present example . 3 - PCGS Proof-64. Ex Louis E. Eliasberg, Sr.; our (Bowers and Merena's) sale of the Louis E. Eliasberg, Sr. Collection, April 1997, lot 1944; Heritage's sale of the Sundance Collection, September 2008 Long Beach Signature Auction, lot 2246; Heritage's sale of the Bay State Collection, Part II, July-August 2009 Los Angeles Coin Auction, lot 1126. This coin was previously certified as Proof-64 by NGC. 4 - Choice Proof. Ex John Pierpont Morgan, Sr.; American Museum of Natural History; American Numismatic Society (Accession # 1908.93.2). 5 - Proof. Ex Mint Cabinet; National Numismatic Collection in the Smithsonian Institution. A number of other auction appearances are known from the mid to late 20th century, although in these cases the coins were either not plated, or the quality of the images is so poor as to preclude identification of useful provenance markers. Some of these may be distinct specimens, while others may be additional appearances of the first three coins listed above and/or other examples in the following list. - Ex Numismatic Gallery's sale of the World's Greatest Collection, April 1945, lot 294. - Ex Numismatic Gallery's ANA 58th Annual Convention Sale, August 1949, lot 1505. - Ex our (Stack's) sale of the R.T. McPherson Collection, February 1953, lot 933 - Ex Charles A. Cass; our (Stack's) sale of the Empire Collection (Cass), November 1957, lot 1383; Lester Merkin's sale of February 1971, lot 751. - Ex our (Bowers and Ruddy's) Armand Champa Collection sale, May 1972, lot 890. - Ex our (Stack's) sale of the Reed Hawn Collection, August 1973, lot 165; Ex Paramount Rare Coin List #11, October 1975.

PCGS# 6392. NGC ID: 27TA.

PCGS Population: 2; 0 finer. There are only three grading events for this issue in all category at PCGS: (1) Proof-64 and (2) Proof-65.

Ex Spink America's sale of the Burdette G. Johnson Collection, June 1997, lot 171; Eugene H. Gardner; Heritage's sale of the Eugene H. Gardner Collection, June 2014, lot 30530.