“In this condition I consider it as rare, if not more so, than the 1804.” — B. Max Mehl, 1941 This is the finest known example of the key rarity of the Capped Bust dime series. Spectacular satiny luster cartwheels inside the rims over attractive pale gold and silver surfaces. The toning includes highlights of darker amber gold and hints of navy blue in some areas, including above Liberty’s cap and among stars 11 through 13. The strike is superb, just a little flat among the denticles of the southwest obverse and the left side of the reverse, as is commonly seen on the issue. Star 1 lacks its center and stars 2, 3, and 13 show partial central detail. The fields are fresh and original, nearly immaculate but for a short scratch off Liberty’s forecurl. The die rotation is off of proper coin turn by about 30 degrees counterclockwise. A single die clash is seen, shallow but well defined in front of Liberty’s profile and behind her cap; on the reverse, it is visible beneath UNU of UNUM, under the wing at right, among the tops of the numerals 10, and under the eagle’s beak. Some microscopic die chips or spalling are seen in the space between OF and AMERICA, above RI and CA, and beneath the letters of UNITED. Every series has a key, an issue whose rarity in comparison to other dates of the design type captures the imagination of collectors. This rarity increases attention and creates a feedback loop of demand and interest. The 1822 dime has been a prime beneficiary of this phenomenon, and the date is now well known even among those who do not specialize in the Capped Bust dime series. Its fundamentals are strong. A single die pair was used to coin dimes of this date, with a reported mintage of just 100,000 pieces. Despite the extra attention given to this key date, and the potential resubmissions that attention engenders, the 1822 has a far lower population at PCGS than any other Capped Bust dime date, more than 35% lower than that of 1809 even though the 1809 has a lower reported mintage. This scarcity becomes most evident in higher grades. The JR book offers an excellent summation: “Of the estimated three hundred surviving examples of 1822 dimes, it is interesting to note the division by condition. The authors’ best estimate is that there are about ten Uncirculated pieces, no more than ten in EF-40 to AU-55 and not many more than 20 in F-12 to VF-30 condition. For whatever reason, the 1822 dimes were well circulated with a surprising number being damaged beyond what might be considered normal wear.” Thirty years after the publication of the JR book, their estimates remain surprisingly accurate. PCGS has certified an 1822 dime at the Uncirculated level just six times, and just 12 submissions represent the grades EF-40 to AU-58. This is the sole MS-66, standing atop the population as the finest example seen by PCGS. The NGC Census is no more crowded, with a lone MS-66 topping their listings, followed by a single MS-65+. No example of this date can boast of a more exemplary provenance. William Forrester Dunham assembled one of the all-time great cabinets of American coins, including an 1804 dollar acquired in 1904 and an 1822 half eagle purchased in 1906. In 1910, upon meeting him for the first time, Dunham showed his 1804 dollar to B. Max Mehl, and a friendship was born. Three decades later, Mehl wrote one of the most impressive catalogs of his career, bound in bright golden covers that featured the Dunham 1822 half eagle. In his prospectus for the sale, Mehl wrote “for more than fifty years, the Dunham Collection was and is today probably the best known private numismatic collection formed in America.” He described “Mr. Dunham’s broad vision and wisdom in acquiring, whenever the opportunity offered, the greater rarities.” The D. Brent Pogue Collection was built with the same vision and wisdom, and when this 1822 dime came onto the market in 2006 for the first time in 45 years, the recognition of its importance merited acquisition at any cost. PCGS# 4497. NGC ID: 236Z.
