1912 Indian Head $5 NGC PF67. Approximately 35 to 45 (per Jeff Ambio, 2007) 1912 Proof half eagles survive from an original mintage of 144 pieces. It appears that of the latter number no more than 50 or 60 Proofs were sold, with the remaining number being melted when the year was over. After several years of experimenting the Mint had chosen a matte Proof finish before producing the Proof coins of the previous year. However, upon examination of the different issues produced in the years afterwards, some minor differences are noted on the surfaces under magnification. This would indicate that the Mint was not yet completely satisfied with the results, and from the low mintages and sales we can see that contemporary collectors largely disliked the new finishes.

The gold Proof coinage of the early 20th century is a very specialized field of study, with extremely low mintages. Building a complete set of Indian quarter eagles, half eagles and eagles, with the addition of the Saint-Gaudens double eagle is an extremely difficult task which is only completed by very few. Most people choose to collect either a type set, date set or an advanced type sets with the different finishes made at the Mint during this period. These sets will only include coins up to 1915, as the mint abandoned production of Proof gold by the end of that year. Perhaps by changing the finishes of the various gold denominations, it has signed its own stop to Proof gold coinage with the unpopularity of these new finishes over the highly reflective and frosted Proof gold coins of the late 19th century.

One of the key features of these enigmatic Proof coins is the likeness all have. While earlier Proof coins usually had various amounts of reflectivity and frost visible, most 1912 Proof half eagles look the same when viewed from some distance without magnification. The true difference between an ordinary proof and a superb premium gem, such as the present piece, lies in the overall quality of the fields under magnification. Many pieces will show scattered hairlines, spots and other marks, although contact marks are rarely encountered on these gold coins. The texture of the surface will be very discernible on the higher graded coins, having a special sandblast finish which looks quite pleasing in hand. To find such a piece, however, intensive searching and patience is necessary, as they are scarcely encountered and the population reports would indicate many resubmissions.

With fifteen examples of this date certified by NGC as PF-67, we estimate the true number of pieces graded PF-67 to be eight or ten at most, with another two or three graded PF-68. Of the latter, none have appeared on the market in recent times, making this an important opportunity for the specialist. This premium gem unmistakably is a sandblasted Proof, with light granular surfaces visible under magnification. The strike is sharp and pleasing, and full originality highlights this coin. Virtually no hairlines or spots are visible on either side, and the eye-appeal is exquisite. This offering represents an important opportunity for the advanced specialist to acquire one of the finest known and most appealing coins of this date available to collectors at the present time.