Of these, only a very limited number have been graded at the gem level, making coins such as the present being often the finest available on the market for a longer period of time. As such, the offering of the present coin should not be underestimated and represents an important opportunity for the specialist of Proof gold coinage. During the last few years, auction appearances have been very sparse, and those that were sold often did so for large amounts. This indicates both the scarcity as well as popularity of these pieces, the final representative of the type that saw the United States develop into a world nation. Not only did the United States change in appearance, during these years the appearance of the Proof half eagles also gradually changed. On the latter dates, such as the present, the fields are less reflective and the devices less frosted than on the coins struck in the 19th century. These were among the first experiments at the Mint, which would eventually lead to the introduction of the sandblast Proof gold coinage of the 1910s.

Deeply orange-yellow coloration highlights this piece, which has resided in a PCGS old green holder since the early 1990s. The eye-appeal is excellent, although there is just not enough frost to warrant a Cameo designation. No contact marks are noted, but a few minor hairlines are noted under magnification, which will limit the grade slightly, but are not distracting. Yet, this piece looks finer to us than the PR-63 grade PCGS awarded to it, and might be a strong candidate for a regrade. However, we leave that decision open to the next owner of this magnificent and excellent piece, who will certainly be pleased by this rare Proof gold coin. PCGS has certified five pieces at the PR-63 level, with twelve PR-64s and six PR-65s. These numbers, however, appear to be heavily influenced by resubmissions, as this date is less frequently seen than the number of certified pieces would suggest.