This absolutely stunning Proof half eagle from the Civil War era is a fitting complement to the Proof 1865 Liberty eagle also offered in this sale. The texture is satiny, the strike is razor sharp and the fields are extremely reflective. Both sides are bursting with bright yellow gold patina that accents silky smooth, expertly preserved surfaces. This is a technically superior survivor of this elusive issue and of the extremely challenging No Motto design type. The year 1862 saw the nadir of Union fortunes in the Civil War. It opened with the North still reeling from defeat at the First Battle of Bull Run (known as First Manassas in the South) in July 1861. Northerners were becoming aware that the war was not going to be a short, easily won conflict. By the end of 1862 the situation had worsened considerably for the North, with a string of major Confederate victories in the Peninsula Campaign (March to July), at the Second Battle of Bull Run/Second Manassas (August 28 to 30), the Battle of Harper s Ferry (September 12 to 15), the Battle of Antietam/Sharpsburg (September 17, result inconclusive), the Battle of Fredericksburg (December 11 to 15), and other engagements. In the economic sphere, growing uncertainty about the duration of the war and its eventual outcome resulted in the suspension of gold specie payments by northern banks on December 30, 1861. By early summer 1862, silver coins, too, were withdrawn from circulation in the East and Midwest, not to return in quantity until after April 20, 1876. With the economic situation in chaos and Northerners attention clearly focused on more serious matters than numismatics, it is a marvel that the Philadelphia Mint would continue to produce Proof coins to sell to collectors. But continue to produce them it did, from the conflict s opening in 1861 through its conclusion in 1865. In 1862 the Mint struck 35 Proof half eagles, the entire delivery achieved on February 16. All examples were struck from the same pair of dies, the reverse readily identifiable by the presence of a tiny center dot on the third pale gules in the shield. Original sales were limited as there were few collectors for Proof gold coins at the time and the preoccupation with the war undoubtedly reduced that pool of potential buyers. With several examples likely melted as unsold in the Mint, and others lost in subsequent years, it is reasonable to accept the estimated population of just 10 to 12 survivors put forth by most numismatic scholars (Jeff Garrett and Ron Guth, for example, in the 2008 edition of the book Encyclopedia of U.S. Gold Coins: 1795-1933 ). With three of the survivors permanently impounded in the collections of the Smithsonian Institution and American Numismatic Society, the number of examples available for private ownership is more limited still. This Proof 1862 half eagle is rare in the truest sense of the term. The coveted NGC * designation for superior eye appeal adds further desirability. It is a remarkable Gem that would serve as a centerpiece in the finest collection. ， Provenance: Ex Twin Maples Collection, as denoted on the NGC insert. Est. $80,000-$125,000
