1827 Capped Bust Half Dollar. O-121. Rarity-7+ as a Proof. Square Base 2. Proof-63 (PCGS).A phenomenal rarity, as are all United States Mint Proof coins from the 1820s, this lovely 1827 Capped Bust half dollar boasts quality and appeal far in excess of what may be conveyed simply by the Proof-63 numeric grade. It is a wonderfully toned specimen with subtle gold, powder blue and champagne-pink undertones to warm olive and pearl-gray patina. The fields are modestly reflective, a feature best appreciated with the aid of direct lighting, and the strike is impressively sharp from the denticulated borders to the central high points. Indeed, most design elements are fully defined. There are no sizeable handling marks, the in hand appearance smooth overall, and the only useful identifier we can offer is a tiny planchet drift mark (as made) at the base of Libertys neck.While in some ways this is just a half dollar from 1827, and would have been happily accepted as such were it spent in the years thereafter, this coin is much more than simply a currency object. It is a technological triumph, a statement in metal that the Philadelphia Mint could produce specimens to match the excellence of coins then struck in Europe. It is the product of centuries of preservation and stewardship, an object of consideration and pride since the day it was struck. And now, 194 years after its mintage, it is still an object of desire and pride.American collectors of rare coins were few in 1827, but they were not non-existent. The fable of Joseph J. Mickley acquiring four newly struck Proof quarters at the United States Mint in 1827, along with the fictional corollary that he must likewise be the source of other Proof 1827 coins, invents a falsehood and at the same time masks a truth. Mickley had a number of contemporaries who would have desired and avidly collected Proof coinage struck this year. He was not the first person to care, nor was he alone in his interest in such things. Some of the names are familiar to modern scholars, people like Dr. James Mease, Matthew Stickney, and Robert Gilmor, Jr., while others are obscure or unknown altogether. As rare as Proof coins from the 1820s are, a piece like this need not have been a presentation coin struck for a VIP or an experiment by Mint personnel to see just how perfect a coin they could strike. It could easily have been made to order for a pioneering American collector.Numismatists were far more plentiful in Europe in the 1820s than they were in the United States, where the hobby already enjoyed a rich history and eager following, especially among the nobility. And it was a European noble, in fact, who acquired this coin while visiting the United States during the 19th century, no doubt impressed by the technical triumph in metal that the Philadelphia Mint was already able to achieve despite its youth when compared to the great coinage facilities of Europe.Produced as they were for presentation or other official purposes, or on a made-to-order basis for contemporary collectors, it is little wonder that Proof half dollars were struck in very limited numbers during the 1820s. In all instances the exact mintages are unknown since the United States Mint did not start recording the number of Proof gold and silver coins struck until 1859 (it did not follow suit for minor coinage until 1878). Even the number of coins extant for these rare and special issues is a matter of debate, as many coins that have been labelled as Proofs by earlier generations of numismatists no longer qualify as such by todays strict standards.In the numismatic market of the 21st century there appear to be just six 1827 Overton-121 half dollars positively confirmed as Proofs:1 - PCGS Proof-67. Ex S.H. and H. Chapmans sale of the George H. Earle Collection, June 1912, lot 2927; 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 1831; Heritages FUN Signature Auction of January 2004, lot 2078; Ira & Larry Goldbergs Pre-Long Beach Sale of February 2006, lot 1468; D. Brent Pogue; our (in association with Sothebys) sale of the D. Brent Pogue Collection, Part III, February 2016, lot 3062.2 - PCGS Proof-66 Cameo. Ex W. Elliott Woodwards sale of the Joseph J. Mickley Collection, October 1867, lot 1706; "Reakert" or Reakirt family; Columbus Stamp & Coin Co.s dispersal of the Reakirt Collection, 1962; Mrs. R. Henry Norweb; our (Bowers and Merenas) sale of the Norweb Collection, Part III, November 1988, lot 3088; our (Bowers and Merenas) Stetson University Collection sale, May 1993, lot 293.3 - PCGS Proof-66. Ex our (Stacks) session of Auction 83, July 1983, lot 690; Superiors sale of the A. Bernard Shore Collection, January 1988, lot 1768; David W. Akers session of Auction 90, August 1990, lot 1599; RARCOA and David W. Akers Chicago Sale, August 1991, lot 532; Heritages Chicago Signature Auction of August 2011, lot 7157; Heritages FUN Signature Auction of January 2013, lot 5633; Jim ONeal; Heritages sale of the Jim ONeal Collection of Proof Type Half Dollars, August 2018 ANA Signature Auction, lot 5142.4 - NGC Proof-64. Ex Heritages Exclusively Internet Auction of June 2001, lot 2309; Heritages Santa Clara Signature Auction of November 2001, lot 5883. The Proof-65 Cameo grading event currently listed on the NGC Census</em> may represent a more recent submission of this coin.5 - PCGS Proof-63. Ex Noblesse Collection, obtained by a European noble while visiting the United States in the middle 19th century and retained therein by the same family until consigned to the following auction; Heritages sale of the Noblesse Collection, September 2013 Long Beach Signature Auction, lot 6432; Heritages CSNS Signature Auction of April 2017, lot 4047. The present example</em>.6 - PCGS Proof-63. Coinbert Collection, per PCGS CoinFacts</em>.Only one other Proof 1827 half dollar is confirmed from a different die pairing:1 - Overton-107. PCGS Proof-64. Ex Lester Merkins Public Auction Sale of September 1967), lot 255; Heritages Milwaukee Signature Auction of August 2007, lot 1682.With only seven Proof 1827 half dollars of all varieties confirmed in the modern numismatic market, this O-121 is clearly a very special coin by virtue of its rarity. An illustrious provenance further confirms it as a must-have coin for a collector assembling an advanced cabinet of 19th century United States Mint Proof coinage.PCGS# 6205. NGC ID: 24G9.Ex Noblesse Collection, obtained by a European noble while visiting the United States in the middle 19th century and retained therein by the same family until consigned to the following auction; Heritages sale of the Noblesse Collection, September 2013 Long Beach Signature Auction, lot 6432; Heritages CSNS Signature Auction of April 2017, lot 4047.
