1867 5C Rays, CA PR (PCGS# 83818)

LB Signature Sale #416

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    Heritage Auctions
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Lot Description
1867 5C Rays PR65 Cameo PCGS. This is only the tenth time we have offered an example of this important rarity in any of our sales since 1993. Almost remarkably, it is the third example that we have offered this year! We offered a PR64 PCGS example in our April 2006 CSNS sale and a PR66 Cameo example in our Denver Platinum Night sale last month. It seems that multiple examples offered in a short period of time has happened before. We handled four different examples of this issue between November 2003 and August 2004. This is an example of John Dannreuther's second striking from his "Obverse 2." As "JD" pointed out: "Although these cannot be conclusively called restrikes, they were struck after the Obverse 1 coins as the reverse is a later state of the same die. The die lineage is obvious when comparing the reverse states. As each new striking occurred, the reverse was polished, possibly to remove rust or just to 'shine' it up for striking. These characteristics are the ones known to Breen and have been used for decades by numismatists ad the definitive identifiers for 1867 With Rays proofs." In his Complete Encyclopedia, Breen suggested that just 12 to 15 coins are known. The CoinFacts website estimates an original proof mintage of 75 coins. The actual surviving population of proof examples is probably somewhere between these two extremes, probably in the vicinity of 25 to 30 coins. This example is an attractive cameo proof with excellent contrast. The fields are completely mirrored with excellent depth, surrounding fully lustrous devices. Both sides have light nickel-gray color with traces of lilac, blue, and champagne toning. A few tiny specks and minute blemishes are visible on each side, but the overall eye appeal is exceptional. Population: 3 in 65, 4 finer (7/06). From The Troy Wiseman Collection.
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