Sale of Las Vegas Legends Showcase Smaller Denomination Proof Coins

07 Dec 2017  Thu

Get ready for a brilliant show in Las Vegas at Caesar’s Palace on 14th December. Classic Proof silver coins are highlighting Legend Rare Coin Auctions 392 lot Regency Auction XXIV as part of the Professional Coin Grading Service Member’s Only show. It will include the smallest denomination issued in that metal.

Among coveted smaller-denomination Proof coins to be offered in Las Vegas is a1863/2 silver 3-cent piece graded PCGS Proof 67 Cameo that is tied with another example as the finest graded at PCGS. Legend believes its quality should merit a CAC sticker. There is a specific area which can only be seen with a strong glass. Both sides show rich toning in a mix of jewel tones.

Some visualize the variety with the diagonal as 2 but some also see 3 in the date. It has a reported mintage of 460 pieces and was probably first recognised by researcher Don Taxay in 1962. The die variety is known to collectors only as a Proof coin.

Experts think that the variety is a re-strike issue, stuck in 1864 since the reverse die has a die crack on circulation strikes of 1864 3-cent silver pieces. There is still confusion on whether it’s a true over-date or a re-punched date. The “Red Book” (A Guide Book of United States Coins) calls it “1863, So-called 3 Over 2” but as Heritage observed in its June 2014 offering of a PCGS Proof 66 Cameo example with a green CAC sticker from the Gene Gardner collection for $47,000. There is something on the coin which looks like a downstroke of a 2. It is not clear if the mark is re-punching of an 1863 date logotype, or portions thereof. Legend estimates its offering at $50,000 to $55,000.

However, in the auction, there is a beautiful Proof coin, an 1890 Seated Liberty quarter dollar, graded PCGS Proof 68 and possessing a green CAC sticker. By 1890 the Seated Liberty series was winding down. It is to be replaced with Barber’s design in 1892, and the Philadelphia Mint struck 590 Proof quarter dollars in 1890, alongside a very low 80,000 circulation strikes.

It was previously offered at Heritage’s June 2014 Gene Gardner auction, where it sold for $18,212.50.

It is one of three like-graded coins at PCGS, where another three examples of this date are graded as Proof 68 Deep Cameo. Numismatic Guaranty Corp. has also certified several submissions Proof 68 and Proof 68+, along with one Proof 69 Cameo piece. However, the issue is still surviving and is often used to represent the type. At Legend’s offering, it is estimated at $14,000 to $16,000.

Knowledge Base