1969-D Jefferson Nickel. MS-65 FS (PCGS). While the earliest days of the U.S. Mint boast the greatest density of true rarities, even the modern era of U.S. numismatics has its fair share of exciting treasures to taunt collectors adventurous enough to cherrypick, armed with only a loupe and an afternoons worth of ambition. Among these underrated scarcities is the Full Step 1969-D Jefferson nickel. Though mintage figures will confirm that no Jefferson nickel is anywhere approaching rare in an absolute sense, available populations are at times dwindled down to single digits when preservation and strike are taken into consideration. The nickels struck by the Denver Mint in 1969 demonstrate the extent to which entire issues were plagued by this conditional rarity, evidenced by the fact that just a single coin from a mintage of more than 202 million pieces has been identified as exhibiting enough sharpness to be considered Full Steps. And that one, nearly incalculable anomaly is the gorgeous jewel to be featured in the present lot.<p>This incredible 20th century rarity boasts a brilliant platinum-white complexion and pearlescent luster on each side. The surfaces are comprehensively frosted, with faint prooflike reflectivity apparent in the fields. Perhaps most impressive, and certainly most significant, is the profound definition exhibited by the design elements throughout. A thin wire rim traces the circumference in some areas, enclosing sharp legends and boldly pronounced centers that mimic the comprehensive striking characteristics of a Special Mint Set issue of the era. Monticellos steps are nicely delineated, remaining entirely unobscured by abrasions and exhibiting just the faintest modicum of softness at the lower right region. Among representatives of the issue, this piece rests at the pinnacle.<p>The Full Step 1969-D Jefferson nickel was called the "Golden Fleece" by Q. Dave Bowers, with Scott Schechter suggesting in a December 2012 <em>Coin World</em> article that the owner of such a coin would be "the King of Jefferson Nickel Collectors." The master hub of the Reverse of 1940 had been in use for nearly thirty years when this issue was struck, and overall acuity had been progressively waning over the previous decades. This fatigue was apparent in the amorphic quality of the more intricate design elements; most notably the steps to Monticello. While modifications to improve definition were made to the master hub in time for the 1968 production run, these efforts were largely in vain and the hub was retired in 1970.<p>For this reason, compounded with inconsistent overall minting quality, the Jefferson nickels of the 1960s are considerable strike rarities, of which the 1969-D is among the most elusive. The present specimen is the only example of the issue recognized as having Full Steps by either PCGS or NGC, placing it in a class all of its own for Set Registry enthusiasts and validating the true rarity of fully defined pieces from this mintage. From the George "Buddy" Byers Buckeye Collection. Earlier ex our ANA Auction of August 2016, lot 3049.
