1836 Capped Bust Half Dollar. Lettered Edge. O-116. Rarity-7 as a Proof. 50/00. Proof-64 (PCGS). CAC.Writing in the 1989 edition of his encyclopedia of U.S. and Colonial proof coins, the late Walter Breen accounts for four die marriages of the Proof 1836 Lettered Edge Capped Bust Half Dollar. Of the four varieties, two are of perhaps the greatest interest to advanced Bust half dollar enthusiasts: the 1836/1336 O-108; and the 50/00 O-116 blundered reverse, a Proof example of which is being offered in this lot. All Proof 1836 Lettered Edge half dollars are rare coins regardless of individual die marriage. This is in keeping with the rarity of pre-1858 United States Mint Proof coins as a group, such pieces having been produced in very limited numbers, mostly for presentation or similar special purposes. In the specific case of the Proof 1836 Lettered Edge half dollar, a small number of coins appear to have been requested at various different times during the year, explaining the existence of several different die marriages. Obviously Mint employees, when tasked with striking a few Proof half dollars of this date, simply grabbed whatever dies came most readily to hand, prepared them for Proof coinage and delivered the small number of specimens requested. Our research indicates that there are no more than 15-20 Proof 1836 Lettered Edge half dollars extant of all die marriages. The Proof O-116 50/00 variety being showcased in this lot is an important rarity with only seven specimens positively known to exist:<p> <p>1 - <strong>NGC Proof-67.</strong> Ex Henry Chapmans sale of the George H. Earle Collection, June 1912, lot 2957; John H. Clapp; Clapp estate, 1942; Louis E. Eliasberg, Sr.; our (Bowers and Merenas) sale of the Louis E. Eliasberg, Sr. Collection, April 1997, lot 1906; Superiors Salt Lake City ANA Sale, March 2001, lot 284; our (Bowers and Merenas) Milwaukee Rarities Sale, August 2007, lot 688.<p>2- <strong>NGC Proof-66.</strong> Ex "Colonel" E.H.R. Green; Green estate; partnership of Eric P. Newman and Burdette G. Johnson, doing business as St. Louis Stamp & Coin Co.; Eric P. Newman, acquired for $40.00; Eric P. Newman Numismatic Education Society; Heritages sale of the Eric P. Newman Collection, Part II, November 2013, lot 33461.<p>3 - <strong>PCGS Proof-65.</strong> Ex our (Stacks) Northern Bay Collection sale, May 2006, lot 4323; Heritages Dallas Signature Coin Auction, October 2006, lot 1155; Heritages sale of the Greensboro Collection, Part II, January 2013, lot 5640. This coin is certified with coin #6221, which is now used to denote the Proof 1836 Lettered Edge Half Dollar as an issue and not the specific 50/00 variety, although the 50/00 attribution is also noted on the coins insert.<p>4 - <strong>PCGS Proof-64.</strong> Ex Kreisberg-Schulmans S.W. Freeman Sale, May 1958, lot 1655; Empire Coin Company; Lester Merkins sale of September 1967, lot 256; Superiors Hoagy Carmichael and Wayne Miller Collections sale, February 1986, lot 2414; Superiors Baltimore 93 Auction, July 1993, lot 415; Heritages ANA Sale of July 1997, lot 6353; our (Stacks) sale of the Hain Family Collection, January 2002, lot 1433; our (Stacks) sale of the George "Buddy" Byers Collection of U.S. Half Dollars, October 2006, lot 1092; our Baltimore Auction of March 2011, lot 1965. <em><strong>The present example</strong></em>, and also the plate coin for the Proof 1836 Lettered Edge half dollar as an issue in the 1989 book <em>Walter Breens Encyclopedia of United States and Colonial Proof Coins: 1722-1989</em>.<p>5 - <strong>PCGS Proof-64.</strong> Ex New Netherlands Sale #45, April 1995, lot 795; R.J. Lathrop; Elliot Landau; New Netherlands Sale #52, December 1958, lot 565; our (Bowers and Merenas) Pennsylvania Cabinet sale, January 1999, lot 1136. <p>6 - <strong>"Brilliant Gem Proof."</strong> Ex our (Stacks) sale of the Reed Hawn Collection, August 1973, lot 115; our (Stacks) sale of the Dr. George F. Oviedo, Jr. Collection of U.S. Half Dollars, September 1985, lot 825; our (Bowers and Merenas) Spring Quartette Sale, March 1992, lot 2563.<p>7 - <strong>"Proof-60 to 63."</strong> Ex R. Coulton Davis; John W. Haseltine; New Netherlands, August 1954; our (Bowers and Merenas) sale of the Norweb Collection, November 1988, lot 3115.<p>An eighth possible Proof 1836 O-116 half dollar is the impaired specimen that Walter Breen owned circa 1956, although the provenance and whereabouts of that piece are unknown. The coin that we are offering in this lot represents an important bidding opportunity for the advanced proof Half Dollar collector. This piece is lightly patinated in a blend of pale-silver and iridescent olive-apricot toning, the latter color increasing dramatically in vividness and vibrancy as the coin dips into a light. The strike is impressive for a Proof half dollar of this die marriage, a couple of examples of which are a bit softly defined in isolated areas (for example, the Pennsylvania Cabinet and Hawn-Oviedo specimens listed above). On this piece, the detail is razor sharp throughout with the denticles crisp and the devices essentially full apart from extremely minor lack of detail confined to star 6 on the obverse and the top of the digit 5 in the denomination on the reverse. A uniformly mirrored finish shines forth powerfully as the coin rotates under a light, and a few wispy hairlines are easily overlooked. There are few readily provenance markers, although a minuscule toning spot at the reverse border near the upper left corner of the first letter S in STATES did help us when plate matching this coin to earlier auction appearances. Of the utmost rarity and desirability, and eagerly awaiting inclusion in the finest specialized cabinet. The present piece is tied with the Proof-64 (PCGS) Pennsylvania Cabinet specimen as one of only two examples awarded the coveted green sticker by CAC, testifying to the exceptional vibrancy that is apparent throughout. The O-116 die marriage is attributable by repunching on star 12 on the obverse and, of course, the readily evident reverse blunder with the digit 5 in the denomination punched over a misplaced 0. Remnants of the underdigit are clearly evident to the left of the 5. This die marriage was later used to strike what must have been a large number of circulation strikes, examples of which are readily obtainable in the context of the Capped Bust half dollar series. The Proofs, of course, are very rare and seldom offered. The most recent offering of a Proof O-116 featured the Proof-65 (PCGS) Northern Bay-Greensboro specimen which realized $76,375, stressing the strong demand for this issue in todays market.Ex Kreisberg-Schulmans S.W. Freeman Sale, May 1958, lot 1655; Empire Coin Company; Lester Merkins sale of September 1967, lot 256; Superiors Hoagy Carmichael and Wayne Miller Collections sale, February 1986, lot 2414; Superiors Baltimore 93 Auction, July 1993, lot 415; Heritages ANA Sale of July 1997, lot 6353; our (Stacks) sale of the Hain Family Collection, January 2002, lot 1433; our (Stacks) sale of the George "Buddy" Byers Collection of U.S. Half Dollars, October 2006, lot 1092; our Baltimore Auction of March 2011, lot 1965. The plate coin for the Proof 1836 Lettered Edge half dollar as an issue in the 1989 book <em>Walter Breens Encyclopedia of United States and Colonial Proof Coins: 1722-1989</em>.
