One year into the bloody conflagration that was the American Civil War, there were few serious numismatists in the United States, as the hobby of coin collecting had only begun to catch on a few years earlier. With mass hoarding of gold (and silver) coins on the East Coast, there was very little demand for current Proof coinage, particularly for the gold denominations, which were out of reach for most collectors. (A half eagle represented real money at the time, the average Union enlisted private earned $13 per month.) At the same time, the outcome of the conflict was far from decided, with the Confederacy showing, despite its materiel shortcomings, surprising strength against the much larger federal forces, racking up many major victories.
Off the battlefield, the Philadelphia Mint produced just 35 Proof half eagles, all of which were delivered on February 16, 1862. Current survival estimates suggest that 10 to 15 are extant, with several impounded permanently in institutional collections. The presently offered beautiful Gem in lot 3138 of our Rarities Night session is graded Proof-65+ Deep Cameo by CACG, and ranks near the apex of the condition census. No Proof 1862 half eagle exists in a higher grade at any of the three major services, PCGS, NGC or CACG in any designation!
This important example is extremely high end, with bold, deeply mirrored fields and thickly frosted devices. A real opportunity for the advanced numismatist, one that won’t repeat itself anytime soon.
For more information about the Stack’s Bowers Galleries November 2024 Showcase Auction visit StacksBowers.com. To consign your coins or paper money to one of our future sales call 800-458-4646 or email [email protected].
