1887 Half Eagle (1887 $5) NGC PF64 CAMEO. A total of 87 half eagles were struck at the Philadelphia Mint in 1887. No circulation strikes were struck this year, and the total output was just limited to the very small number of Proofs which were made available to collectors at the time. Similar to other dates of this decade, many did not survive, and it seems unlikely that more than twenty-five or thirty coins survive in all grades. Surprisingly, most of these show some indication of circulation, indicating that many were spent into circulation until retreated when their value was realized.

Both the 1870s and the 1880s saw very low mintages for many denominations of American gold and silver coinage. The reasons were numerous, but a very important factor was the American Civil War. During this important period of American history, all gold and silver coins were taken out of circulation and hoarded. When the Civil War had ended, they did not immediately return to circulation, and it would take multiple measures and nearly a decade before a relative large number of silver and gold coins returned to circulation in the Eastern states, where the war had raged. In the west, California, Oregon and Nevada in particular, life had continued relatively normal and the influence was little.

In the east, however, by the mid to late 1870s a large number of coins had come out of hiding and started to circulate again. A mix of coins from the 1840s to 1860s was seen, and overall there was an abundant supply of coin in circulation. Unlike the west, greenbacks were readily accepted, and were a convenient substitute for the higher denominated coins. The Mint, at this time, could have halted the coinage of numerous gold and silver denominations for several periods, as the supply was large enough in commerce and demand simply was not there. Collectors who could afford to collect these larger denominations, usually settled for the Proofs, specifically produced at the Philadelphia Mint. Mintmarks remained virtually unnoticed, and were usually not taken out of circulation by collectors. The Mint, however, did not want to create instant rarities with extremely low mintages, the Proof coins, and usually minted a relative low number (hundreds to a couple of years) during most of these years.

It is unknown why no 1887 half eagles were struck in circulation-strike format, but it instantly created the rarity that the Mint had hoped to prevent during the previous year. The total mintage supposedly was not all released, and some pieces were melted before they had a chance to leave the Mint. Together with the circulation of some Proof half eagles of this year, only a very small number of original and high grade 1887 half eagles survive. We are presently able to offer such a piece, certified by NGC in a new holder.

This near gem shows full reflectivity and strong frost on the devices, creating the so much desired Cameo effect that many people appreciate. Furthermore, medium black/white contrast can be seen, not always visible on this issue. Overall, it appears to be an issue which was not always created with utmost precision for quality, as pieces with full frost and high reflective fields (deep cameo) are virtually unknown to exist among the pieces that have survived. The present piece is of near gem quality, with excellent eye-appeal and no blemishes worth to be individually mentioned. Medium orange-gold color, completely original and quite pleasing, can be seen on both sides. As can be expected for a coin specifically produced for sale to collectors, the strike is sharp and no weakness is noted on either side. Obviously, this is a very important offering for the advanced collector and a coin which might become unavailable for a long period once it is sold.