Rev. 25 over 50! Brilliant Proof. Excessively rare, and not in any recent sale. -- Thomas Elder, 1910As if a Proof example from these dies were not representative enough, the D. Brent Pogue Collection also includes the finest known circulation strike. Little separates this from the striking quality of a Proof: the surfaces are still reflective, though less profoundly mirrored; the devices are still sharp, though most stars lack their centers and the denticles appear flatter and less rounded; the obverse rim is quite square, though the reverse rim appears a bit rounded. The eye appeal, as on the Proof, is beautiful, with golden highlights around all design elements, subtle lilac and blue with traces of green over the obverse fields, while the reverse shows orange, gold, and violet that yields to a variegated border. A glass finds ideal gem surface quality and originality, with just a tiny contact point under Libertys chin in the field. A natural planchet striation crosses the eagles eye to UM of UNUM on the reverse, and some subtle toning spots in the left obverse field have been present since time immemorial. The reverse engraving error is visible with the naked eye and prominent under even low magnification.The Rea-Koenings-Haroutunian census, included in Early Quarter Dollars of the United States Mint, ranks this as the very finest known example, outpacing all four known Proofs (including the coin offered in the previous lot and the Mint Cabinet specimen that is a permanent part of the National Numismatic Collection at the Smithsonian Institution). Breen counted this coin as a Proof in his Encyclopedia of United States and Colonial Proof Coins 1722-1989, listing it as the top ranked specimen with a provenance of Mougey:687, Clapp, Eliasberg. The Eliasberg sale catalog does not include a Clapp provenance with this piece; it may be from Clapp or it may not be. The 1910 Mougey sale describes lot 687 as Rev. 25 over 50! Brilliant proof. Excessively rare, and not in any recent sale. Plate. Unfortunately, Mougey catalogs with plates are almost as rare as 1822 Proof quarters, and were not able to confirm that Breen was correct about this provenance. As Breen would likely have had access to a copy of a Mougey catalog with plates in the New Netherlands Coin Company library when he composed much of his early quarter research, we are including this part in our provenance below.This is a fascinating variety, boldly displaying one of the most awkward die errors on any United States coin. The initial punch of the 50, appropriate for a half dollar die but not one for a quarter, remains easily visible. That this die was put into service offers a clue to just how difficult sinking a die was for the first United States Mint. It also serves as probable evidence of the order of die making operations: first, the central design punch was placed; second, UNITED STATES OF AMERICA was placed, one punch at a time, leaving the cutting of the denomination as the final step. This variety is by far the rarer and more famous of the two die marriages of this year, sought after for its distinctiveness by a much larger contingent than just those who specialize in early quarter die varieties. This example may represent both PCGS grading events at MS-65. The only circulation strike listed in the extensive Rea-Koenings-Haroutunian census that approaches this one in quality is the Gene Gardner coin, sold as NGC MS-65 in October 2014 but recently certified as PCGS MS-64 and depicted as such at PCGS CoinFacts. This piece thus stands alone, the single best one a collector can hope to acquire.
