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Auction: 1116
1887 $5 PR64 Cameo NGC....
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Sold for: Sign-in or Join (free & quick) (includes BP) Bid Source: HA.com/Live
Ended: Sep 18, 2008
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Auction Name: 2008 September Long Beach, CA US Coin Signature Auction #1116
Description: Heritage Numismatic Auctions offers U.S. and World coins, medals, and tokens in our Signature Auctions & Final Session Sales, held in conjunction with some of the largest numismatic conventions. These sales feature award-winning cataloging and photography. Call or e-mail one of our Consignment Directors to learn about selling through Heritage.
Auction Type: Signature: !! Heritage Live: After Internet bidding closes, live bidding will take place through www.HA.com/Live. Your secret maximum bid placed prior to the live event will compete against the live bids. To maximize your chances of winning, enter realistic secret maximum bids on our site. Many of our proxy bidders are successful at winning lots in these auctions, and usually below their secret maximum. You can also place last minute bids directly with us by e-mailing Bid@HA.com or calling 1-866-835-3243. (Important note: Due to software and Internet latency, live bids may not register in time, so enter realistic proxy bids.)

This lot is in:  Signature Floor Session (Live Floor, Live Phone, Mail, Fax, Internet, and Heritage Live) (lots 1-4546)
Internet bidding ends at 10:00PM CT the night before the floor session for this lot. During the live auction event, bidding in person is encouraged, and Heritage Live includes streaming audio and often video during the event.

Item Activity: 2 Internet/mail bidders, 465 page views

Description
1887 $5 PR64 Cameo NGC. The 1887 proof five has the easy-to-remember mintage of the last two years of the date, 87. Writing 20+ years ago, Walter Breen stated: "Coins offered in lower grade must be authenticated because many forgeries were made by removing S from 1887 S coins, and some of these have date position same as the proofs." Frankly, it is difficult to imagine that the mintmark area could be effectively effaced and that the fields would have strong enough remaining reflectivity to resemble a proof, but such items were more frequently forged in the "bad old days" before third-party certification.
Most of the proofs struck did not survive. A reasonable estimate of the number extant is around 30 pieces in all grades. Bringing scholarship of rare gold coins forward 20 years from Breen's reference, Garrett and Guth point out that: "Many probably entered circulation, as this date has the largest number of impaired examples seen for Proof issues of the 1880s." Another interesting aspect of the 1887 is offered: "Though more examples of this date than of others of the 1880s have been offered at auction, none have been at the gem level." That is no longer true, but our records indicate that only one Cameo Gem has been sold at public auction in recent years, a piece we sold at our 2007 FUN Auction for $103,500. This lovely Cameo example is one of only seven that have been certified by both of the major services in PR64, and a mere three Gems have been graded (8/08).
The fields on this piece are deeply reflective, as one would expect, and show noticeable orange-peel texture when closely examined. The devices are moderately frosted and give the coin its Cameo designation. Even reddish-gold color is seen over each side and there are no mentionable contact marks.(Registry values: P5) (#88482)



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