J-980 1870 50C NGC PR64 CAMEO - US Rare Coin Investments

1870 50C (J-980, R-8) NGC PF-64CAM An extremely rare fantasy piece, of which this may be one of only two examples available on the public market. In the last 20 years, only one other piece has appeared at auction, which was the PCGS PR-65 from the Harry W. Bass collection. That coin sold for $7,475 in May 1999, a time when patterns were not as popular as they are at the present time. Pollock lists only 4 examples, one impounded in the Byron Reed collection, and another in the Smithsonian, the Bass coin listed above and a piece which sold in November of 1944 at the auction of the Olsen collection. The latter coin might be the present piece, although this is not confirmed.

The obverse is a die which was previously used for striking 50 cent pieces of the Standard silver series in 1869. It features a Liberty Head with cap and two stars, and LIBERTY on a scroll. The motto IN GOD WE TRUST is below, and on top is UNITED STATES OF AMERICA. The engravers initial, B for William Barber, is on the ribbon. The portrait was actually designed by James Barton Longacre, who passed away on January 1, 1869, before he could engrave the portrait.

The reverse is of simplistic, but well executed design. It features the denomination, spelled as 50/Cents inside a wreath of Oak and Laurel, which is open at the top. The date is under the wreath, with a single star on either side. The words STANDARD SILVER are around. This was one of many reverse dies which were created for the Standards silver series, which sold in sets of 9 pieces to collectors at a cost of $15. It is unknown if the aluminum pieces were sold in sets as well, but given the rarity of these pieces it seems very unlikely.

Besides being extremely rare, the present piece also has excellent eye-appeal. The oxidation usually encountered on aluminum pieces of this age is virtually non-existent on this coin. Under the darker steel-gray toning lies strong mirrored fields and frosted devices, warranting the Cameo designation. We see no reason why this coin should not grade at the gem level, which would make it the finest known of the limited number of pieces available. A wonderful coin and a very rare opportunity for the specialist of pattern coinage!