1862 Liberty Head Half Eagle. JD-1, the only known dies. Rarity-6+. Proof-63+ Deep Cameo (PCGS). CAC.Significant in both rarity and beauty, this extraordinary Proof half eagle combines outstanding aesthetic quality combined with rarity in a single delightful package. Boasting rich heavily frosted devices surrounded in a sea of deeply reflective mirrored surfaces, all bathed in an even light olive yellow.In the first full year of the Civil War, numerous Union defeats prompted many to dispense with the idea that the war would be quickly won, but rather it would be a long and difficult slog ahead. This was especially so with the single bloodiest day of the war at Antietam/Sharpsburg in Maryland, as well as Confederate victories such as those at Bull Run/Second Manassas and Fredericksburg, all locations well under 100 miles from Washington, DC. This general feeling of pessimism extended into the nations economy. Gold specie payments by northern banks were suspended on December 30, 1861 and by the early summer of 1862, silver coins, too, disappeared from circulation in the East and Midwest, a situation not fully reversed until over a decade later. Given the overall grim situation facing the Union in 1862, attention was clearly focused on more serious matters than numismatics. Despite all this, the Philadelphia Mint continued to produce Proof coins to sell to collectors, albeit in considerably smaller numbers. On February 16, 1862 the Mint struck and delivered the entire mintage of 35 Proof half eagles from a single pair of dies, markedly reduced from 90 the year prior. Even with such a tiny production run, sales were no doubt significantly hindered and several coins are thought to have been returned to the melting pot as unsold. Today at best perhaps 10 to 15 examples remain to be appreciated, with at least three of those permanently impounded in institutional collections. PCGS has recorded all of four grading events in any category. The 1862 Proof half eagle appears at auction almost as rarely as the coins themselves, making opportunities such as here truly special indeed. A strong bidding strategy is advisable since it may be quite a while before the next specimen becomes available.From the E.S.S. Collection. Earlier ex King Farouk of Egypt; Sothebys sale of the Palace Collections of Egypt, February-March 1954, lot 254; Ambassador R. Henry Norweb, via Hans Schulman; our (Bowers and Merenas) sale of the Norweb Collection, Part I, October 1988, lot 870.
