1836 50C Reeded Edge, CAM PR(PCGS#86223)

The Regency Auction XXI May 2017

Auctioneer

Legend Rare Coin Auctions

Lot Number

243

Grade

PR63CAM

Price

47,000

Lot Description

A notable rarity and one of the highlights of the present auction. The 1836 Reeded Edge half dollar is a perennially popular issue, as the first issue struck on the newly installed steam press. Because of its low mintage, (estimated at 1,200) they were originally considered patterns and do indeed get a listing in the Judd book. Obviously, like the 1792 half disme which was also considered a pattern, we know now they were in deed struck for commercial use. There are a very small number of proofs there were struck, an estimated 12 pieces struck in that format. It is perhaps these that were struck as patterns. The reflective fields are nice and watery offering a nice contrast against the razor sharp struck devices. Pleasing golden hues blend with an overlay of blue-green patina. Close inspection with a powerful loupe shows some light hairlines under the toning. They are not distracting in the least, and are perfectly acceptable for the grade. Because the mint was still experimenting with the new steam press, some weakness on the eagle’s wing is noted on all examples. PCGS 1, NGC 0, CAC 1. This coin has only appeared once, sold in the 2009 CSNS auction where the Scottsville Collection of Proof Bust Coinage was sold. At that time it was not CAC-approved and it sold for $40,250. These are exceptionally rare and underrated coins. In the CAMEO designation there are only 3 finer, 2 in 64 and 1 in 64+ (possibly only two coins). A review of the grading service population reports PCGS has graded a total of 15 and NGC 10. Clearly this shows duplication, crossover coins not removed from the NGC reports, coins upgraded not taken off the pop report. Realistically there are probably 9 or ten individual specimens known, putting it on par rarity-wise with the more famous 1817/4 half dollar, 1838-O half dollar, 1884 Trade Dollar, or 1894-S dime at a fraction of the price. If you want to add a major rarity to your collection do not overlook this coin! PCGS # 86223 Cert. Number 32743727 PCGS # 86223